Target's entry into the Canadian market in 2013 was its first foray in international expansion.
A combination of extensive renovation needs, a flawed merchandising system, tight time frame and inadequate leadership were some of the reasons the big-box retailer decided to close all 133 stores in the country in 2015.
Target does not intend to expand internationally anytime in the near future and is instead narrowing its focus on its at-home operations. Company profit plunged nearly 90% during the second quarter from the year-earlier period on an excess of unwanted inventory. It plans to completely renovate 200 existing stores and open 30 more in 2022.
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