|Target Canada can't wait to meet its neighbours and is hoping the feeling is mutual but at last it was an uneventful exit|
Target’s abrupt decision on Thursday to quit Canada after less than two years will bring short-term pain for rivals as the chain prepares to liquidate inventory at its 133 stores – a boon for consumers that increases pressure on competitors.
Target’s exit is a win for incumbents, among them Canadian Tire and Loblaw, which worked hard to raise their game in preparation for the U.S. chain’s arrival in 2013.
But the heavily competitive retail environment shows few signs of easing as contenders clamour for a slice of the roughly $2-billion of annual sales that Target is leaving behind.
“That’s $2-billion of sales that are up for grabs,” said Brian Yarbrough, an analyst at Edward Jones Investments. “That’s a lot of business.”
Culled from theglobeandmail