Target (NYSE:TGT) announced the official opening of three Canadian stores today, the last ones scheduled to open in 2014. The new stores, two located in Ottawa and Mississauga, Ontario, and one located in Winnipeg, Manitoba, bring the total number of Target stores in Canada to 133.
"The opening of these three stores marks another important milestone for Target Canada," said Mark Schindele, president, Target Canada. "As we head into the holiday season, we're thrilled to offer our guests additional locations to find exclusive merchandise, great value and a unique shopping experience."
Opening in time for the holidays, all three stores will also feature a licensed Starbucks as well as in-store pharmacies. In celebration, shoppers will receive deals and promotions to mark the grand openings including an exclusive one-page coupon special.
In March of 2013 Target announced the growth of its Canadian market. Before the year ended, the company had opened 124 stores and this year the growth continued with nine new stores.
But Target's Canadian unit has been a disappointment and lost roughly $1 billion through the retailer's second quarter of this year.
Target has recently attempted to drop its prices in Canadian stores after complaints by consumers that prices were uncompetitively high. In September, a study from Kantar Retail revealed that the shift in strategy is working as Target's products now cost 3.9 percent less than Walmart's (NYSE:WMT) in a basket of identical consumer goods.
-See this Target press release
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