The Canadian Tire store in Toronto’s Eaton Centre has closed, a day after it was the first Canadian retailer to close in a year.
The Canadian Tire in Eaton Centre closed in February 2016.
(CBC News)The store closed on Tuesday after its management announced in December that it was closing its doors, citing low demand.
“The business model is changing and the business model has changed dramatically in the last few years and the reality is that people are not as comfortable with their spending habits,” owner Mike O’Brien told CBC News on Wednesday.
“This has been a very difficult time for the entire Canadian Tire family.”
He said the business had seen a number of changes since then, including the closure of some stores, including in the United States.
“Our customer base is growing, but we are also seeing an influx of international customers,” O’Connor said.
“In the last six months, we’ve seen a very significant rise in international orders, but it’s still a small portion of our customer base.”‘
We’ve had a few years of decline’For his part, CEO Mike O”Brien said the company was “still very profitable” but “the world has changed.”
“We have had a couple of years of declining sales, but that’s changed over the past year,” he said.
He said it was also a difficult time in the retail industry, with the loss of about 10 per cent of its value in the second quarter of this year, which “had a lot of ripple effects” throughout the chain.
“It’s been a challenging time for us,” he told CBC.
He described the store as a “very popular store.”
“It is a very good place to shop and a very, very popular store,” he added.
The company also announced plans to open new stores in the U.S. and the U.-K.
This is not the first time that the company has been forced to close stores in Canada.
In November, it closed the second store in the Eaton Centre in Mississauga, Ont., after it shuttered a store in Ottawa in 2015.