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Canadian Tire Corporation SWOT & PESTLE Analysis

ID : 52685953| May 2020| 12 pages

COMPANY PROFILE -Canadian Tire Corporation

Business Sector :Retail, Discount Retailer

Operating Geography :Canada, North America

About Canadian Tire Corporation :

Canadian Tire Corporation, Limited is a Canadian retail company which sells a wide range of automotive, hardware, sports, leisure and home products. It is headquartered in Toronto, Canada and was founded in 15 September 1992 by Alfred J. Billes and J. William Billes. It is one of Canada’s most admired and trusted companies with world-class owned brands and exciting market-leading merchandising strategies. It is continually innovating with purpose to serve Canadian customers from coast-to-coast. The Company’s 1,700 retail locations, financial services and exemplary e-commerce capabilities help keep its customers on the move and on top of every season. Canadian Tire released an advertising campaign that focuses on the importance of national support behind Canadian athletes. It was selected as one of the Greater Toronto’s Top Employers (2020) and Canada’s Top Employers for Young People (2020).

Canadian Tire Corporation’s mission statement reads, “We exist to serve and enrich the lives of our customers, our team and our shareholders.” Its vision statement reads, “To be a growing, innovative eco-system of businesses achieving incredible results.” Canadian Tire Corp’s USP or unique selling proposition lies in being a leading brand in the lifestyle and retail sector, having a sustainable competitive advantage that stems from its trusted brand, different assortment, modern store network and global sourcing capabilities. Its tagline is “Bring it On”.

Canadian Tire Corporation Revenue :


USD 14,534.4 million – FY ending 28th December 2019 (y-o-y increase of 3.4%)
USD 14,058.7 million – FY ending 29th December 2018

Competitive Analysis of Canadian Tire Corporation

SWOT
PESTLE
The SWOT analysis for Canadian Tire Corporation is presented below in a table followed by the detailed analysis report.
StrengthsWeaknesses
1. Robust customer engagement through the Triangle Rewards Program
2. Leveraging digital capabilities in all aspects of CTC’s business
3. Strengthening of product and brand portfolio by rights acquisitions Serving a wide portfolio of products and services in the retail, finance and real estate sector
4. Symbiotic relationship between CT and Associate dealers
5. Strongest market share in Central and Eastern Canada, and other provinces
6. Serving a wide portfolio of products and services in the retail, finance and real estate sector
1. Softer housing demands and rising credit delinquencies
2. Website issues during high demand during Covid-19 may impact customer experience
OpportunitiesThreats
1. Acquisition of Party City’s Canadian business
2. Delivering better customer experience through process digitalization
3. Hosting electric vehicle fast charging stations
4. Focus on private labels to improve margins
1. Risk exposure due to dependency on third-party suppliers outside North America
2. Increasing competition in in-store and online retail segment
3. Weaker CAD may impact imports costs, affecting margins
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Detailed SWOT Analysis of Canadian Tire Corporation

Strength

1. Robust customer engagement through the Triangle Rewards Program: Canadian Corporation has been able to attain sustainable cross-banner customer engagement with the help of its Triangle Rewards Program. This program has immensely helped the company with relevant retail strategies, product assortments, marketing programs. Moreover, the Triangle Rewards program in combination with data and analytics allows the company to pass on the right information to the right customer, at the right time, in the right channel. The performance results can be noticed from the statement of the CEO and President of the company, Stephen Wetmore who attributed the exceptionally good performance, in terms of better and personalized customer engagement of the customer with the company, both on offline and online platforms and topline growth, of the fourth quarter for the fiscal year of 2019 to this Triangle Rewards Program. According to him, this program played an important role in getting the company to the e-commerce mainstream.

2. Leveraging digital capabilities in all aspects of CTC’s business: Canadian Tire Corporation has underpinned enhanced digital capabilities in the form of Triangle Rewards Loyalty Program, eCommerce to all the business aspects of the company. The digital properties owned by CTC include its websites and mobile applications, as well as in-store sales tablets. The company leverages these properties to deliver to its customers an omni-channel, personalized retail experience. Furthermore, the company’s digital capabilities with the aid of retail banners act as drivers of enhanced customer engagement by providing an advanced combination of digital and in-store experience as well as post-sale activities. Alongside, CTC is also maintaining its focus on e-commerce activities and making significant progress in leveraging the analytical capabilities, thereby, improving on its merchandising and supply chain functions. Recently, the Company released “Customer Engagement Through Digital” video, showing CTC’s progress in customer engagement and retention and acquisition.

3. Strengthening of product and brand portfolio by rights acquisitions: Since inception, the Canadian Tire Corporation has been involved in aggressive diversifications to widen its product and brand portfolio. In line with this, the company made serious business developments and acquisitions last year, denoting strong progress towards becoming the top retail brand in Canada. For example, in October 2019, the company acquired Party City and added its 65 Canadian retail stores spread across seven provinces to its portfolio and thereby, making CTC a destination for celebrations in Canada. The quest of expanding the portfolio further went on with the Canadian rights acquisition to the Raleigh, Diamondback, Redline and IZIP bicycle brands, the Muskol mosquito repellent brand as well as the US and Europe rights for Mastercrafts and Woods respectively. The CT REIT completed 17 acquisitions, four developments, two re-developments, 16 intensifications and one disposition contributing a total expense of $167 million in 2019.

The remaining section of “Strength” is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threats

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Walmart
  • Costco
  • Home Depot
  • Cabela’s
  • Lowe's
  • Campbell's
  • Canada Post
  • Trackwerks
  • RONA
  • Central Home Improvement Wrhs
  • Do-Gree Fashions
  • Maurice

Major Brands :

  • Canadian Tire Retail
  • PartSource
  • Gas+
  • FGL Sports (Sport Chek, Hockey Experts, Sports Experts, National Sports, Intersport, Pro Hockey Life and Atmosphere)
  • Mark's
  • CT REIT
  • Canadian Tire Financial Services
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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in Canadian Tire Corporation Analysis Report

1. Canadian Tire Corporation 2019 Annual Report - https://s22.q4cdn.com/405442328/files/doc_financials/2019/CTC-2019-Annual-Information-Form_EN.pdf
2. Canadian Tire defends credit card business amid Eisman short call - https://www.bnnbloomberg.ca/data-is-power-canadian-tire-cfo-defends-credit-card-business-amid-eisman-short-call-1.1306077
3. Canadian Tire says its website is ‘over capacity’ amid COVID-19 pandemic - https://mobilesyrup.com/2020/04/19/canadian-tire-website-over-capcity-covid-19/
4. Is Canadian Tire’s Helly Hansen Acquisition Beneficial? - https://csga.ca/canadian-tires-strategy-brands/
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Canadian Tire Corporation SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2020). Canadian Tire Corporation SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/canadian-tire/ [Accessed 09 Jul, 2020].

In-text: (SWOT & PESTLE.com, 2020)

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Canadian Tire Corporation SWOT and PESTLE analysis has been conducted by Anindya Anindita and reviewed by senior analysts from Barakaat Consulting.

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Canadian Tire Corporation SWOT & PESTLE Analysis
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