It has been a tough first year for Target in Canada. Though the American retail juggernaut entered the marketplace with high hopes for its Canuck expansion the corporation is facing a $1 billion. Yet there is still hope for U.S. exports: Jimmy Choo and Versace will be jumping in the ring.
Target Canada announced today that its CEO, Gregg Steinhafel, is stepping down. Coupled with the stats, figures and a security breach — which threatened the privacy of 40 million customers — the future of Target might seem bleak, but the retailer is still striving to have 150 stores by 2017.
Later this year more department stores will be making the move north of the border, as Sak’s and Nordstrom prep to open their doors this fall. And they are not alone, also due north are Versace and Jimmy Choo. Both set to open shop at Yorkdale Shopping Centre, in Toronto, the high-end brands will merely be the latest among a roster of elite retailers flocking to the mall.
These are not omens. This is a moment to celebrate Canada.
Soon there won’t be much need to head south to shop.