Target Corporation Announces Plans to Discontinue Canadian Operations… Brian Cornell, Target’s Chairman and CEO, sat down with A Bullseye View to share more about Target’s decision to discontinue operations in Canada.
While some people expected Target to close a few locations, Target’s exit from Canada may come as a surprise. How did you come to this conclusion?
As I shared with the team this morning, this was, personally, a very difficult decision for me. As our team was continuing to work to improve operations and win back Canadian guests, we knew we needed to start asking ourselves tough questions. We conducted a very comprehensive review and evaluated every possible option in Canada. We asked ourselves, should we close only the lowest-performing stores? Should we exit some provinces and stay in others? How would operating with a different distribution model impact the business? The analysis was rigorous. Unfortunately, we were unable to find a realistic scenario that got Target Canada to profitability until at least 2021.
Of all the options that we evaluated, there is no question that a complete exit from Canada was the most difficult. We knew we would disappoint guests. We knew that this would present unique challenges for partners. And, above all, we knew the impact this would have on our team. Ultimately, after extensive internal due diligence and research, paired with counsel from outside experts, we fulfilled our obligation to do what was right for our company and our shareholders, and made the decision to exit Canada.
To read the full discussion visit, http://www.abullseyeview.com/2015/01/qa-brian-cornell-target-exits-canada/#sf35546966