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Retail Apocalypse ahead, Canadians Are going Broke, Expensive housing → less money → less spending

557 views · Published 16 January 2015 · 3:06 · Indexed 28 September 2026

Channel: Mike Martins · 2015 · News & Politics

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Target is closing its stores in Canada, and I think this is about a lot more than just Target.

What we're watching could be the tip of the iceberg for Canadian retail.

The biggest problem I see is what is happening to the Canadian middle class.

I'm calling it HOUSEBROKE.

People might own a house, have a decent job and look successful from the outside, but when an enormous portion of their income is tied up in housing, mortgages, taxes and everyday expenses, how much money is actually left to spend?

Housing prices in places like Vancouver have become completely disconnected from what ordinary working people can reasonably afford.

Interest rates might be low, but that doesn't solve the problem when the price of the house itself is enormous.

And that's where I think retail is going to start feeling it.

The middle class is the engine of the economy. These are the people working every day, paying mortgages, paying taxes, raising families and spending money at businesses.

If that group keeps getting squeezed, eventually something has to give.

Target came into Canada, opened enormous stores and hired thousands of people. But big-box expansion also puts tremendous pressure on independent retailers that simply can't compete with the purchasing power and scale of multinational corporations.

Now Target is leaving.

So what happens to all that commercial space?

What happens to the employees?

What happens to the smaller businesses that already disappeared?

And most importantly:

What happens when the Canadian middle class simply doesn't have enough disposable income to support all this retail?

I think we're going to see more problems.

Target closing could be just the beginning.

I'm interested in hearing what Canadians are seeing in their own communities.

Are people becoming HOUSEBROKE?

Is the middle class disappearing?

Are small businesses struggling?

And do you think we're going to see more major retailers closing their doors?

Let me know what you think.

Thanks for watching the Mike Martins Channel.

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