• Target and Other Major Retailers Set to Leave Niagara

    Target and Other Retailers Leave NiagaraWhen Target announced widespread closures across Canada, it put 17,000 employees out of work—but, thankfully, not without recompense. The company has allocated $70 million for Compensation Target, a fund that will cover sixteen weeks of wages and benefits for all affected workers. Nevertheless, the loss of 133 stores hurts both the company and the Canadian workforce. Niagara, in particular, will lose 400 jobs because of this fiasco.

    And the Closures Continue…

    Unfortunately, Target is not the only company to pull out of Canada in 2015. Others headlining include Sony, Mexx, Jacobs and Smart Set. Sony recently suffered from a few crises and now intends to close the 14-remaining stores in Canada, rendering 90 workers jobless. Mexx has already initiated the closure of 25 locations this week, leaving 250 employees without work. The rest of the stores will follow by the end of February. Jacob, too, will board-up 92 stores while Reitmans does the same to its child company, Smart Set, shutting down 107 locations. Some, however, will re-open under a different banner.

    Besides unemployment, these retailers will leave prime real estate vacant. For instance, one of the Target stores in Niagara spans 130,000 square feet: what company will take on that rent when so many other conglomerates are moving online? The Outlet Mall alone will lose a couple of shops, affecting a large portion of the local economy, since tourism and shopping go hand-in-hand.

    Categories: Hot Topics in Niagara, Niagara Shopping

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