Target to expand into Canada
NEW YORK — Target is investing in a Canadian launch this year after weaker-than-expected holiday sales caused Target Corp.'s net income to fall 2 percent in the fourth quarter of last year. The second-largest discounter in the U.S. said its foray into Canada, policy of matching competitor prices and new designer lines will help its business.
“We believe that we are well positioned to succeed even in this uncertain environment, CEO Gregg Steinhafel said in a call with investors.
The retailer pulled out all the stops to lure in cautious shoppers during the winter holiday season. It launched a line of gifts created by 24 high profile designers in partnership with luxury department store Neiman Marcus and offered to match prices of online competitors like Amazon.com, Walmart.com, and Bestbuy.com. But the initiatives did not spur customers to buy more.