These are stories Report on Business followed this week.
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One of the things Target Corp. appears to have taught the world is that Canadians aren't Americans.
We have brothers, sisters, aunts, uncles, parents, children and friends in the United States. We shop there, we visit there, and many of us spend our frigid winters there. We trade with the Americans, and in many ways they're our best friends.
But we refer to soda as pop, and candy bars as chocolate bars. And, apparently, we shop differently.
"At my time here at Target, I've developed a better understanding of just how deeply our entry disappointed Canadian shoppers," Brian Cornell, the relatively new chief executive officer of Target, said this week as he announced the celebrated retailer's retreat back across the border.
As The Globe and Mail's Marina Strauss reports, the retailer, which came to Canada amid much fanfare just about two years ago, announced plans to abandon its first expansion outside the United States, closing more than 130 stores and throwing 17,600 people out of work, not seeing its way to a profitable operation until 2021.
(As one person put it on Twitter, "the War of 1812 lasted longer than Target did in Canada.")
The reasons for its Canadian demise, after an investment of $7-billion, are well documented by Ms. Strauss: Complaints of empty shelves and high prices and some outlets that looked more like the old Zellers stores they took over.
I have no idea if Target thought Canadian shoppers would be just like their American cousins, but some observers think so.
Target "didn't quite appreciate Canadian shoppers are significantly different from U.S. consumers," MarketWatch quoted one analyst as saying.
"There's a misconception among Americans that Canadians are just like Americans."
(I found this story, by the way, from this MarketWatch tweet: "Target went to Canada and learned that Canada is not, in fact, the 51st state."
Apparently, we like to jump from shop to shop, as opposed to a one-stop outing.
According to Ms. Strauss, the we-aren't-Americans bit is a factor, but it's far more complex. Many observers see it as a case of too much too fast, and not quite gauging its competitors in an ultra-heated environment, as Ms. Strauss writes.
Also, if truth be told, I was disappointed because the Target stores here weren't more like the Target stores there. And other Canadians felt the same way.
Here's what analysts say:
"Bonne Nuit Canada: too hard, too expensive, and too long." JPMorgan Chase & Co.
"While the U.S. market is relatively a more competitive market than Canada, Canada is a relatively closed market compared to the U.S. Market share does not change hands quickly in Canada, so it's not surprising that Target would need a significant length of time to gain traction after plunking themselves in the country in sub-optimal locations relative to its peers. Gaining traction becomes even more difficult when faced with supply chain issues and misplaced consumer expectations for prices and in-store experience." Credit Suisse
"Mr. Cornell had no allegiance to TGT's Canadian business, and did what was necessary to make TGT a better company. So now TGT is a domestic business that will focus on core U.S. We had anticipated TGT Canada would improve performance in the long run due to brand affinity and a better understanding of local markets, but losses have continued to mount." Janney Montgomery Scott
"Goodbye Canada, we hardly knew you ... The good news is that Target will stop throwing good money after bad, and investors have certainty that the downside of Canada is contained." William Blair & Co.
"Target Canada will continue to operate its stores while liquidating inventory, so the near-term impact will be a flood of discounted goods on the market; the company expects another $275-million in losses in F2015. Though Target's results have been massively disappointing, 2014 sales were still roughly $2-billion, and 133 stores is material. Beyond the next few months however, these sales will be up for grabs, and will provide a nice tailwind for Canadian retailers." CIBC World Markets
"Getting out of the cold, more sunshine ahead?" UBS
"In our view, Target Canada's failure is not simply a reflection of a weak retailing environment in Canada. This new-country expansion was of an unprecedented scale by any retailer (comparable only to Wal-Mart's entry to Canada in 1994 by taking over 122 former Woolco stores; even Wal-Mart hit many bumps in its early years). In hindsight, we believe it large size and complexity substantially reduced the odds of it achieving success." TD Securities
"Note that non-auto and gas retail sales in Canada have almost precisely kept pace with those in the U.S. since Target opened its first Canadian store in March, 2013. Now, we're not going to pretend that consumer spending fundamentals are nearly as good in Canada as they are in the U.S. right now, but they're not all bad." BMO Nesbitt Burns
- Marina Strauss: How Target botched a $7-billion rollout
- Jeff Gray and Tim Shufelt: Target tries to soften blow with unprecedented employee fund
- Tamsin McMahon: Target's Canadian retreat leaves a 20-million-square-foot hole
- Susan Krashinsky: Why empty shelves killed the Target brand
- Video: Affan Chowdhry and Jeff Gray: How Target made its $7-billion Canadian mistake
- Tamsin McMahon: Five reasons why Target failed in Canada
- David Berman's Inside the Market (for subscribers): Loblaw, Dollarama investors celebrate Target Canada's demise
- Jeremiah Rodriguez: Target decision stuns employees, customers
The week's top business videos
- Carrick Talks Money: What to put in an 'in case I die' file
- The Bottom Line: Apple vs. GoPro: The camera never lies
- Bull vs. Bear: Which auto maker is the better investment: GM or Tesla?
- Affan Chowdhry and Jeff Gray: How Target made its $7-billion Canadian mistake
The week in Business Briefing
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The week in Streetwise (for subscribers)
- Jacqueline Nelson: Chinese real estate partnership key to more deals for CPPIB
- Shane Dingman: Online video startup Vidyard gains an edge through analytics
- Adrian Myers: What Canadian shareholders can do that Americans can't
- Jeffrey Jones: Income trusts even worse off than regular oil companies
- Niall McGee: Amaya CEO Baazov says company 'had expected' investigation
The week in ROB Insight (for subscribers)
- Christopher Ragan: Blame Germany for Europe's economic nightmare
- Glen Hodgson: Change of course needed to revive Canadian manufacturing
- Ian McGugan: Copper showing tarnish of a lacklustre commodities market
- Kevin Carmichael: India's central banker comes to Modi's aid with surprise rate cut
- Todd Hirsch: Corporate sponsors of the arts missing creative opportunities
The week's top news
- Janet McFarland: Pension plans push back over 'unbelievable' new powers for regulator
- Barrie McKenna and Bill Curry: Bank of Canada warns economy could be in for a rough ride
- Carrie Tait: Suncor cuts 1,000 jobs, takes $1-billion out of 2015 budget
- Nicolas Van Praet: Bombardier's woes mount as Learjet 85 put on hold, jobs slashed
- Brian Milner: Swiss National Bank scraps euro currency cap
The week's must-reads
- Geoffrey York: Zambia pressed to reverse mining royalty hike
- Carrie Tait: More sinking budgets expected in Alberta oil patch
- Eric Atkins: Great Lakes-St. Lawrence Seaway to get $7-billion facelift
- Rachelle Younglai: Copper joins commodity slump amid worries over global economy
- David Berman: World's optimism drained as U.S. economy shows signs of weakness