082 Target Canada’s Hard Lesson and What We Can Learn
After almost two years in Canada, Target is under bankruptcy protection and pulling back to the States. Like most Canadians, I loved shopping at their stores whenever I visited my family in the U.S. They should have made it here.
So what went wrong? And so quickly? There’s a lot small business owners can learn from the Target experience.
- Once you’ve made a promise of an experience to your customers, you disappoint them at your own peril.
- If you don’t give them something they can only get with you, they have no reason to leave your competitor.
- Don’t mess with success. If you have a formula that is working for you, why would you change it?
There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else. – Sam Walton