Toronto The Well | 174.03m | 46s | RioCan | Hariri Pontarini

Fritter said:
I wonder if the Target experience has soured any more major US retailers from entering Canada en masse?
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It was really a strategic blunder. It was a high risk, big bang entry. Coupled with towering arrogance and failure to execute the basics. When taking big risks, you need to have humility and sweat the small stuff. Target could be successful in Canada, but a more measured entry would make more sense. Walmart did not build their presence here overnight.

Trader Joes probably hesitates to enter because our market is more consolidated and hard discount and private label is well developed here.
 
afransen said:
It was really a strategic blunder. It was a high risk, big bang entry. Coupled with towering arrogance and failure to execute the basics. When taking big risks, you need to have humility and sweat the small stuff. Target could be successful in Canada, but a more measured entry would make more sense. Walmart did not build their presence here overnight.

Trader Joes probably hesitates to enter because our market is more consolidated and hard discount and private label is well developed here.
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This ^^^

Not to sidetrack this thread too much but just to build on what @afransen has said.........

1) They acquired many sub-par locations; but perhaps more importantly locations that were well below the typical Target footprint in the U.S.; this made for the need to cull selection which hurt their brand image w/those familiar w/Target in the U.S.

2) They launched a completely new inventory management system for Canada, their U.S. one was aging, and they needed a system to operate in French, so rather than amend their existing platform, they commissioned a new one. But they essentially beta-tested it in real time in the Canadian market to serious, serious problems. Their logistics went in the toilet.

3) They placed American management in charge who casually assumed the Canadian retail market was nearly identical to the U.S. one just with a few maple leaves tacked on....... There was insufficient understanding of different consumer preferences, habits and expectations.

4) All of the above was 'rushed'.............and the response when it all went sideways could be reasonably described as panic.

5) They neglected even small things like local price checks. My favourite was the choice to price six-packs of store brand paper towels at $7.99 when you could go to other end of the same plaza and pick up the brand name product
for $3.99. Execution like that will roast you every time.

6) For grocery items, they hilariously contracted with Sobeys to be their supplier. For the record, Wal-Mart did exactly the same thing when it entered Canada, it didn't go great for them either, but they didn't mess up the rest so badly and had the patience to fix things.

In summation, I don't think any U.S. retailer would draw a bad inference about the Canadian market from the Target fiasco. What they would do is draw the inference to hire some local market expertise, do your research, take the time to get everything right, do not beta-test in front of the consumer; don't overestimate your brand's value in a new market.
 
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Northern Light said:
6) For grocery items, they hilariously contracted with Sobeys to be their supplier. For the record, Wal-Mart did exactly the same thing when it entered Canada, it didn't go great for them either, but they didn't mess up the rest so badly and had the patience to fix things.
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I remember walking through Target Canada's grocery section a few times and it was pandemic-panic levels of empty most of the time. Truly astonishing.
 
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Looks like first commercial tenants either have, or are in the process of occupying their new premises at The Well. Press Release from Financeit on Canada Newswire today:


Financeit joins Canada's top tech players in major office move to The Well​


News provided by
Financeit
Jun 01, 2022, 09:09 ET

https://urbantoronto.ca/forum/javascript:void(0)
https://urbantoronto.ca/forum/javascript:void(0)​


The new space spans two floors and was designed in partnership with Financeit employees to encourage collaboration and innovation

TORONTO, June 1, 2022 /CNW/ - Today, Financeit, Canada's leading point-of-sale ("POS") financing provider in the home improvement sector, announced the opening of its new office at The Well, the recently-constructed neighbourhood block near King West. The move marks a high-growth period for Financeit, most recently revealing its new ownership and the achievement of its largest milestone yet reaching $2 billion in lifetime loan originations.

Andrew Lo, President, Centah, Michael Garrity, CEO, and Casper Wong, President, Financeit, at Financeit's new office in The Well (CNW Group/Financeit)
Andrew Lo, President, Centah, Michael Garrity, CEO, and Casper Wong, President, Financeit, at Financeit's new office in The Well (CNW Group/Financeit)

"Financeit has been growing exponentially since its humble beginnings 11 years ago. This office move reflects where we are in our journey, seeing us officially outgrowing our first home" said Michael Garrity, CEO of Financeit. "It's time for a new space that better suits our team and brings more opportunity for collaboration and bigger ideation."

Located at the corner of Front St. and Spadina Ave., The Well is a new multi-use destination with over 1,000,000 sq ft. split between working, dining, and shopping. The 38-floor building will be open to the public in the spring of 2023 and offers best-in-class office spaces designed for human comfort and environmental sustainability with floor-to-ceiling windows, bike parking, shower facilities, and a rooftop terrace. The Financeit team will span across two floors of the space, joining some of Canada's top tech talent that will call The Well home.

The company's new headquarters were designed in partnership with Toronto start-up Clearspace, which specializes in building modern, accessible, and beautiful offices. "Together, we wanted to create a space that encouraged collaboration, innovation, and productivity, values that both Financeit and Clearspace share," explained Mark Goh CEO and co-founder of Clearspace. "By listening and truly understanding the needs of the Financeit team, we were able to design a beautiful, functional and inviting space for the team and office visitors alike."

The new workspace includes hotel seating, hybrid-friendly online meeting software in all 15 meeting rooms and several collaboration spaces and entertainment areas. The office design aims to encourage effectiveness for different types of work, with ergonomic workstations for independent working and collaboration spaces for teamwork. When employees aren't at their laptops, they can be found in the company recreation room, which features an arcade, the wellness room or taking a call in one of the office's many phone booths.

Employee artwork, submitted through a team photo contest, decorates the space, along with a commissioned piece from local Toronto artist: Justin Broadbent. "We wanted to create a space that is representative of our team, our history, and the communities that we service. From the ideation process to the last-minute details, we designed the office to be reflective of our culture and values" says Petroula Tsirimbis, VP of People Success.

In 2020 and 2021, Financeit was named one of Canada's Top Growing Companies by The Globe & Mail Report on Business, as well as Canada's Most Admired Corporate Cultures in 2021 and Canada's Top Small & Medium Employers in 2022.
 
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