Why should Americans have all the fun (not to mention enjoy ridiculous deals and savings) on Black Friday while our friends in the Great White North toil in the cold and miss out?
Well, it seems American retail giant Target, amongst others, is looking to answer that very question.
Touting distinctly American deals in the same vein as Black Friday and exclusive product lines from the likes of designer Philip Lim and snowboarder Shaun White, Target Canada has invested a considerable amount of resources toward capitalizing on the underutilized shopping holiday in the Canadian marketplace.
By the end of 2013, Target will have 124 stores operating in Canada. What’s more, Target are projecting $6 billion generated in sales over the course of the next five years from their Canadian stores.
It wasn’t until last year that Canadian retailers began adopting Black Friday in an effort to keep Canadian shoppers from hopping over the border into America and spending their money in a foreign market. In 2012, Best Buy, Sears Canada, and Walmart all branded the kickoff of their holiday shopping season in Canada as “Black Friday” for the first time.
The efforts of U.S.-based retailers to move Black Friday into the Canadian market only stands to benefit consumers, as Canadian retailers are already beginning to feel pressured into adopting Black Friday. Unless Canadian retailers want to continue to lose business over the holidays to their American counterparts, they’re going to need to start adopting Black Friday sooner than later.
Douglas Porter, deputy chief economist at the Bank of Montreal, estimated that Canadians’ holiday shopping exodus to the U.S. would cost Canada’s economy roughly $5 billion in lost sales.
That $5 billion is what retailers like Target, Best Buy, Sears, and Walmart are hoping to get a piece of this holiday shopping season.
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