Canadian Tire Essay Example | Topics and Well Written Essays - 1000 words

Canadian Tire - Essay Example anadas largest retailer, it is asserted that about 90 percent of Canadians live within a 15-minute drive of a Canadian Tire store and that at least 40 percent of Canadians shop at Canadian Tire, which has 487 stores across the country, each owned and operated by an associate dealer. This essay therefore examines the progress that Canadian Tire since its formation. Specifically, the paper explores the company’s achievements, challenges, and weaknesses, further explaining the reason it is my favorite company. As mentioned earlier, the Today Canadian Tire is today a multibillion dollar corporation despite its beginning as a humble and a small company. Having been founded in 1922 by the two brothers, the firm originally operated as a tire store. They two brothers named the company Canadian Tire with the thought that such a name would make it sound big. Strange enough, this strategy worked since currently, almost every town in Canada, regardless its size, has a Canadian Tire store. The first Canadian Tire store became operational in 1934 in Hamilton, Ontario. However, the first Canadian Tire gas station was opened in 1958 during which the company introduced its first Canadian Tire money service. However, the firm would open its first financial services section in 1968. The firm’s progress was evident early since by 1980 the company’ revenues had exceeded the $1 billion mark and its employees had started sharing its profits buying its stock. In 1993, the company recorded huge e xpansion in its operations and revenues leading to the formation of the Canadian Tire Foundation in 1999 to help needy families. Following the expansion of the 1990s was the 2001 opening of most of the firm’s stores seen today (Data Monitor, 2007). However, Canadian Tire continues to grow even in current business environment, which is marred with numerous business issues and challenges. The company, as any other, has faced many challenges over the years in which it has remained in