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The Globe and Mail is reporting that Hudson Bay Company has reached an agreement to sell much of the struggling and tired Zellers chain to US-based retail giant Target.
It'll be interesting to see how direct competition between WalMart and Zellers pans out in the much smaller Canadian market.
More competition is always a good thing, no matter it is American or Canadian, I don't care as long as it benefits the consumers.
With loonies trading higher than the US, the price should come down.
This can only mean good things for the Canadian retail scene.. Target has a good market niche. I wouldn't mind a few of the UK retailers setting up shop here as well... Always enjoy going to London to shop for clothing and then waiting a year (or two) until it is fashionable here
Target was the store where I used to buy all my socks and underwear while living in the USA. Not good for much else IMO...no better than a Kmart or Walmart. Now if we ever got a Macy's up here.....HELLO WORLD!!!
Target was the store where I used to buy all my socks and underwear while living in the USA. Not good for much else IMO...no better than a Kmart or Walmart. Now if we ever got a Macy's up here.....HELLO WORLD!!!
Target is a lot better than Walmart I think.
I am looking forward to having a Macy's in Canada as well, in direct competition with the Bay!
Finally, the owners of Zellers (and before them Towers & Woolco) for too long had a caretaker mentality. Target will shake things up and do better sales/sqft than Zellers did in the same locations. Macy's stores in the US are nothing special - just expensive brand name fashion. Lower priced Kohls would be a game changer. In the US they build new freestanding stores (alone or in power centers) and also take over vacant dept store space.
Zellers was already owned by an American, as is the Bay.
Jerry Zucker owned it and then it was owned by NRDC Equity Partners.
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