# Target Pulling Out of Canada... And Sony, Mexx and more... **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [January 15, 2015, 12:05pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469 "2015-01-15T12:05:38Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![bing](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bing/32/7211_2.png) [@bing](https://forums.speedlife.net/u/bing)\ **Post date:** [January 15, 2015, 12:05pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/1 "2015-01-15T12:05:38Z")
> **[Target pulls out of Canada, will close all of its 133 stores | CBC News](https://www.cbc.ca/news/business/target-closes-all-133-stores-in-canada-gets-creditor-protection-1.2901618)** > > Target says it plans to discontinue all operations in Canada and has been granted protection from its creditors, less than two years after opening to much fanfare. > In a release early Thursday, the U.S. retail chain said it will close all its locations in Canada. There are 133 stores across the country with about 17,600 employees. this is gong to hurt all over… and then… Sony closing all Canadian locations: [Sony to close all 14 Canadian stores within 2 months | CBC News](http://www.cbc.ca/news/business/sony-canada-to-close-all-canadian-stores-within-2-months-1.2902094) Mexx Canada is going bankrupt shuttering 95 stores and 1500+ employees: [Mexx goes bankrupt, affecting 95 Canadian stores | CBC News](http://www.cbc.ca/news/business/mexx-goes-bankrupt-affecting-95-canadian-stores-1.2861928) Suncor cutting 1000 jobs: [Suncor to cut 1,000 jobs in response to low oil prices | CBC News](http://www.cbc.ca/news/business/suncor-to-cut-1-000-jobs-in-response-to-low-oil-prices-1.2899726) … This is going to be very bad for Canada… the dollar is going for a shit which is good for exports i guess. crazy how all of this can happen so suddenly. the Calgary real estate boom is reversing course already. 20,000 jobs lost inside 3 months… yikes… ---
**Author:** ![93dx\_hatch](https://avatars.discourse-cdn.com/v4/letter/9/90ced4/32.png) [@93dx\_hatch](https://forums.speedlife.net/u/93dx_hatch)\ **Post date:** [January 15, 2015, 12:13pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/2 "2015-01-15T12:13:40Z")
I can’t wait to visit a discounted Canada again. ---
**Author:** ![bing](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bing/32/7211_2.png) [@bing](https://forums.speedlife.net/u/bing)\ **Post date:** [January 15, 2015, 12:17pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/3 "2015-01-15T12:17:51Z")
yeah may be good for niagara falls for a couple months in the summer. the dollar is already down to 1.2 and will probably keep falling until about 1.3 ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [January 15, 2015, 12:24pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/4 "2015-01-15T12:24:32Z")
They should have marketed Maple Syrup more… ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [January 15, 2015, 12:30pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/5 "2015-01-15T12:30:10Z")
They lost 1.5 billion in 2 years and didn’t see a way to make it profitable until at least 2021. Damn. > Target is the latest retailer to go under in what’s becoming an increasingly tough retail environment in Canada.Fashion shops [Mexx](http://www.cbc.ca/news/business/mexx-canada-to-liquidate-stores-before-closing-by-end-of-february-1.2900539), [Smart Set](http://www.cbc.ca/news/business/smart-set-stores-set-to-vanish-as-part-of-reitmans-restructuring-1.2849507) and [Jacob](http://www.cbc.ca/news/business/jacob-to-close-all-92-stores-1.2807910) have all announced plans to close down in recent months. Montreal-based Le Chateau hasn’t officially closed, but [the clothing chain has been in a tough spot](http://www.cbc.ca/news/business/le-ch%C3%A2teau-rocked-by-brutal-competition-dianne-buckner-1.2760942) of late. I wish the reporter would have dug a little deeper there because that’s where the real story is. **WHY** is the retail environment so tough in Canada? My guess is the taxes brought on by your social programs that send such a large percentage of your shoppers over the border to shop in the US. ---
**Author:** ![rugsr](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/rugsr/32/7474_2.png) [@rugsr](https://forums.speedlife.net/u/rugsr)\ **Post date:** [January 15, 2015, 12:33pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/6 "2015-01-15T12:33:27Z")
> [@JayS](#): > > My guess is the taxes brought on by your social programs Wait, I thought the amazing healthcare there was paid for using money trees ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [January 15, 2015, 12:42pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/7 "2015-01-15T12:42:00Z")
[http://newsroom.accenture.com/news/accenture-holiday-shopping-survey-reveals-canadians-are-webrooming-and-showrooming-to-save-money.htm](http://newsroom.accenture.com/news/accenture-holiday-shopping-survey-reveals-canadians-are-webrooming-and-showrooming-to-save-money.htm) Yeah, think I might be on to something… > - **Canadians plan on taking advantage of US deals this holiday season – in store and online:** Almost two thirds (60 percent) of Canadians plan on taking advantage of US deals during the holiday season. Of those who plan on spending money with US retailers, 20 percent will only shop in-store south of the border, 30 percent will shop online only, and almost half (48 percent) plan to both shop online and in-store south of the border. I had no idea it would be as high as 60% when I went searching for some data to back up my guess. I knew it would be high since such a large percentage of Canada’s population lives so close to the US border and anyone who’s been to a WNY mall knows they come over here in droves but 60% is huge. ---
**Author:** ![2TurboZ](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/2turboz/32/7577_2.png) [@2TurboZ](https://forums.speedlife.net/u/2TurboZ)\ **Post date:** [January 15, 2015, 12:45pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/8 "2015-01-15T12:45:26Z")
Kind of sad. But your prices up there are insane on everything. Your cars & houses are outrageous and as that trickles down across the board, I don’t blame any one for coming over here to consumer goods. ---
**Author:** ![boxxa](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boxxa/32/5045_2.png) [@boxxa](https://forums.speedlife.net/u/boxxa)\ **Post date:** [January 15, 2015, 12:58pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/9 "2015-01-15T12:58:59Z")
Oh man. Here comes $1.50/$1 exchange rate The cost of doing business up there must be huge with land rentals, taxes on products, etc. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [January 15, 2015, 1:45pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/10 "2015-01-15T13:45:26Z")
Weird, I was just reading an article today about how fragile Canada’s economy is. Hello cheap heli-skiing at Whistler! 😃 (I haven’t been to BC since the dollar drop.) ---
**Author:** ![XwalkerX](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/xwalkerx/32/7598_2.png) [@XwalkerX](https://forums.speedlife.net/u/XwalkerX)\ **Post date:** [January 15, 2015, 2:18pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/11 "2015-01-15T14:18:55Z")
wow ---
**Author:** ![maxwell](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/maxwell/32/6524_2.png) [@maxwell](https://forums.speedlife.net/u/maxwell)\ **Post date:** [January 15, 2015, 2:40pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/12 "2015-01-15T14:40:32Z")
Eesh. ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [January 15, 2015, 3:29pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/13 "2015-01-15T15:29:02Z")
Those skylines just got a little cheaper. ---
**Author:** ![bing](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bing/32/7211_2.png) [@bing](https://forums.speedlife.net/u/bing)\ **Post date:** [January 15, 2015, 3:44pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/14 "2015-01-15T15:44:00Z")
> [@JayS](#): > > [http://newsroom.accenture.com/news/accenture-holiday-shopping-survey-reveals-canadians-are-webrooming-and-showrooming-to-save-money.htm](http://newsroom.accenture.com/news/accenture-holiday-shopping-survey-reveals-canadians-are-webrooming-and-showrooming-to-save-money.htm) > > Yeah, think I might be on to something… > > I had no idea it would be as high as 60% when I went searching for some data to back up my guess. I knew it would be high since such a large percentage of Canada’s population lives so close to the US border and anyone who’s been to a WNY mall knows they come over here in droves but 60% is huge. > [@JayS](#): > > They lost 1.5 billion in 2 years and didn’t see a way to make it profitable until at least 2021. Damn. > > I wish the reporter would have dug a little deeper there because that’s where the real story is. **WHY** is the retail environment so tough in Canada? My guess is the taxes brought on by your social programs that send such a large percentage of your shoppers over the border to shop in the US. Jay… both of those are great info… thanks. your googling skills are strong. I didn’t know Smart Set or Jacob were shutting down. My wife shops quite heavily there. I would be a part of the problem actually. I buy the majority of my purchases from the US and very rarely consider buying Canadian. We have 13% retail sales tax on top of much higher prices on most things. However, if any of you followed my new home thread we found that property taxes in WNY are about 2x - 3x as expensive as they are in Ontario. In general though… the trends mentioned above (target, sony, jacob, mexx, smart set) combined will be 25,000+ jobs lost and when combined with the halving of the price of oil it is going to be troubling times for Canadians for a bit. Fortunately it will keep interest rates low for a while ---
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [January 15, 2015, 3:51pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/15 "2015-01-15T15:51:32Z")
> [@bing](#): > > However, if any of you followed my new home thread we found that property taxes in WNY are about 2x - 3x as expensive as they are in Ontario. You’re comparing Ontario vs Erie county and not Canada vs the US as a whole. Erie county has some of the highest property taxes in the nation. ---
**Author:** ![TradersBASE](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tradersbase/32/5321_2.png) [@TradersBASE](https://forums.speedlife.net/u/TradersBASE)\ **Post date:** [January 15, 2015, 4:03pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/16 "2015-01-15T16:03:35Z")
[http://finviz.com/forex\_charts.ashx?t=USDCAD&tf=w1](http://finviz.com/forex_charts.ashx?t=USDCAD&tf=w1) Flight to safety? Dollar strong because crude is being tampered with? Need moar maple syrup! If it makes yall feel any better Radio Shack is rumored to be going bankrupt and JCPenny is closing a bunch of stores. ---
**Author:** ![bing](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bing/32/7211_2.png) [@bing](https://forums.speedlife.net/u/bing)\ **Post date:** [January 15, 2015, 4:10pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/17 "2015-01-15T16:10:19Z")
i’ll be fine. the higher the exchange the more guys call me for car parts. ---
**Author:** ![misteroman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/misteroman/32/7423_2.png) [@misteroman](https://forums.speedlife.net/u/misteroman)\ **Post date:** [January 15, 2015, 5:59pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/18 "2015-01-15T17:59:27Z")
A buddy of mine just bought a bunch of Canadian currency. Seems like it’s going even lower, no? ---
**Author:** ![bing](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bing/32/7211_2.png) [@bing](https://forums.speedlife.net/u/bing)\ **Post date:** [January 15, 2015, 6:08pm UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/19 "2015-01-15T18:08:48Z")
Here is a good round up of retailers shutting shit down in Canada: > **[Look At All The Retailers Closing Stores In Canada](https://www.huffingtonpost.ca/2015/01/15/retailers-closing-canada_n_6480972.html)** > > TORONTO — A list of retailers that have recently closed or are closing shop in Canada: Mexx Canada — Dutch-based retailer declared bankruptcy in December 2014 — Liquidating 95 stores in Canada by the... Holt Renfrew cutting 2 stores… they are an upscale department store… ---
**Author:** ![bing](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bing/32/7211_2.png) [@bing](https://forums.speedlife.net/u/bing)\ **Post date:** [January 17, 2015, 7:59am UTC](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469/20 "2015-01-17T07:59:51Z")
Gawker pieces on Target Canada employee perspectives: > **[Why Was Target Canada Such a Disaster?](http://gawker.com/why-was-target-canada-such-a-disaster-1579554288)** > > Beleaguered retail empire Target announced weak-ass first quarter earnings today, thanks in large part to its disastrous Target Canada division, which lost $211 million just this quarter. How did Target Canada become the laughingstock of the retail... [http://gawker.com/tag/target](http://gawker.com/tag/target) [Next page](https://forums.speedlife.net/t/target-pulling-out-of-canada-and-sony-mexx-and-more/271469.md?page=2)