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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "Uses Glassdoor reviews as qualitative evidence of internal IT failure and company filings for quantitative spending comparison.",
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      "kind": "callout",
      "text": "How can CTC compete against major competitors in e-commerce with its insufficient IT spend?",
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      "kind": "chart",
      "text": "IT Spending Relative To Competitors",
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      "text": "IT spending: $151",
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      "text": "Based on Glassdoor.com reviews, it appears CTC is lagging peers in the quality of the technology and IT infrastructure. For a Canadian wide retail player, CTC is not well positioned to capture the changing retail environment with the rising threat of Amazon and other major e-commerce players. We believe it will be difficult for CTC to catch up to its e-commence competitors given CTC's lack investment in improving customers' online experience.",
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      "kind": "quote",
      "text": "\"It's a retail company who thinks it's competing with Amazon without any technology\" — Senior Software Engineer, Glassdoor.com; \"If you're an IT professional avoid this place like the plague!!! Especially Finance IT!\" — Former Project Manager, Glassdoor.com",
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      "text": "Note: All figures in millions of Canadian Dollars, conversion based on average exchange rate over period. WMT based on Q2'19 YTD. Source: Glassdoor.com, Company filings",
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      "text": "Employee Reviews Towards IT Are Negative",
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      "text": "Out Of Date IT Infrastructure",
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