High end retail is booming, and low end retail is in a slump. Two great examples are Tiffany and Target. Both companies reported their first quarter earnings, but the outcomes could not be more different.
Target has fired the president of its troubled Canadian operations, Tony Fisher, and is replacing him with a 15-year U.S. company veteran in a bid to address inventory issues and bring customers back into its stores.
Former Target CEO Gregg Steinhafel's total pay fell 35 per cent to $13 million in his last year at the helm as the company's board revamped compensation plans amid complaints from shareholders that he was paid too much, according to a regulatory filing.
Target's difficulties expose the challenges of doing business in Canada that have bedeviled other retailers. Some of the problems are old, like the web of costly regulations. But there are new ones, such as a slower Canadian economy and increasing competition.