The Globe and Mail reports in its Saturday edition that a lot of former Target Canada stores appear doomed to stay empty for a while, underlining the uncertainties of a fast-shifting retail market.
The Globe's Marina Strauss writes that Target Canada received court protection from its creditors in January, 2015, after less than two years of operating here, shutting all stores by April, 2015. While other failing stores are closing in Canada, including BCBG Max Azria, Express, HMV, Jean Machine, Tip Top Tailors, Future Shop, Danier and Lululemon's Ivivva, the pace of closures south of the border is even more intense, among them big outlets such as many Macy's and Sears.
Wal-Mart, Canadian Tire and Lowe's picked up almost 40 Target store leases, but ultimately, Target was forced to hand back 75 leases to their landlords, unable to find suitable buyers for them. Among chains that are taking portions of Target stores are U.S. discounter TJX Cos.' Winners, Marshalls and HomeSense; PetSmart; Sport Chek; Designer Shoe Warehouse; H&M; Zara; GoodLife Fitness; Dollarama; Giant Tiger; Cineplex (and its expanded entertainment concept RecRoom); and Cara Operations' restaurants, such as East Side Mario's.
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