My Analysis Of The Canadian Tire Corporation Limited In Terms Of Potential Employer
I conducted a secondary research where I used the Canadian Tire Corporate Website and two additional resources from the research guide provided by the Ryerson University Librarians. Key Findings Canadian Tire Corporation Limited, founded in 1922, is one of the greatest public companies in Canada (Briefing, 2018). The major channel involvements of the company are apparel and footwear (Mark’s Work Wearhouse), home improvement and gardening (Canadian Tire), automotive parts and repair (PartSource) and sports good stores (Sport Check) (Briefing, 2018).
It appeals to different consumers in small populated areas as well as urban areas and big cities in Canada. Canadian Tire’s aim is to” innovate with a purpose: to excite and serve Canadian customers from coast-to coast.” (Canadian Tire Corporation, Limited, 2018, Code of Conduct). The company has 1,700 retail locations and e-commerce that help the Canadian customers find the product they are looking for. The exemplary leadership team directs and leads the company into the number one Canadian retail brand (Canadian Tire Corporation, Limited, 2018).
Canadian Tire gets its strengths from many aspects. As I mentioned before, the company provides many goods and services which results into being the largest retailer in Canada with many stores and online existence. Also, the company expanded into the financial department by creating a points card. When the customers use it for their purchases, they collect the “Canadian Tire Money” which they can redeem for the products at the stores. This allows the marketing flexibility to expand and attract more customers into purchasing products from the store (Briefing, 2018).
Canadian Tire experiences not only strengths, but it encounters specific degrees of weaknesses. One of them is the focus on the local market. Since the company has not expanded to other markets, it might impact it if the market conditions take a downturn. The e-commerce section is not a strong element of the company. Canadian Tire focuses more on dealing with the customers with the traditional face-to-face process rather than being a web-based business (Briefing, 2018). It is a disadvantage because the “online sales are expected to grow faster over the next 5-10 years” (Briefing, 2018, Strategic Objectives and Challenges) and it will lose many customers.
Canadian Tire focuses on the human resources practises with an exceptional code of business conduct. The company conducts business “… in a common set of values and guided by a set of ethical standards…” (Canadian Tire Corporation, Limited, 2018) with integrity for a long period. Not only Canadian Tire is one of the largest retail companies in Canada but it also concentrates at sustaining the environment. The building store design is “… 50% more energy-efficient than our 2010 prototype, and 90% more efficient than our stores built in 2006.” (Canadian Tire Corporation, Limited, 2018, Environmental Sustainability).
The company manages waste in a new management initiative where a recycling institute recycles products from the stores (Canadian Tire Corporate, 2018). Most importantly, Canadian Tire provides customers energy-efficient products in order to reduce the amount on their electricity bills as well many tonnes of greenhouse gas emissions (Canadian Tire Corporation, Limited, 2018). As of the financial performance of the company, one of its main goals is to increase the annual growth of the business by 3.0% (IBISWorld, 2018).
In order to accomplish the goal, it “…focused on expanding its portfolio of national and private brands…” (IBISWorld, 2018, Canadian Share) and increased their online presence. Also, it is one out of the three retail companies that has the highest market share (21.1%) followed by Hudson’s Bay Company with 10.3% and Walmart Stores Inc. with 5.8%. Lastly, Canadian Tire Corporate has an increasing percentage rate of revenue for the past six years and it is estimated to grow to 1.4% with a revenue at $5.6 billion in 2018 (IBISWorld, 2018).
Conclusion
To conclude, Canadian Tire Corporate is one of the largest Canadian retail companies which operates in different industries. It is a very successful company for many years and looking at the financial statements it will continue to be a wealthy company throughout the years. It provides many benefits to its loyal customers and protects the environment in different ways. It is a great employment opportunity because it allows to develop and expand new skills and communication expertise.
Recommendations
In my opinion, Canadian Tire Corporation is an excellent prospective employer for TRSM graduate students because it gives the students many opportunities. The graduates will be able to learn how to communicate to customers in an effective way and how to work as a team with their employees. It allows the graduates to learn new skills about business and retail which will be very useful since they are TRSM graduates and they will eventually have to apply them. Also, the students will get to experience real – life problems which will help them understand the routine of the workforce.
References:
- Briefing. (18 February, 2018). Canadian Tire Corp Ltd. Retrieved from http://www.portal.euromonitor.com.ezproxy.lib.ryerson.ca/portal/analysis/tab
- Canadian Tire Corporation, Limited. (2018). About Us. Retrieved from https://corp.canadiantire.ca/English/about-us/default.aspx
- IBISWorld. (n.d.). Major Companies. Retrieved from IBISWorld database http://clients1.ibisworld.ca.ezproxy.lib.ryerson.ca/reports/ca/industry/majorcompanies.aspx?entid=1090#MP9569
