Canadian Tire buys Target location
A planned move of the Cranbrook Canadian Tire is taking a marked change of direction following an announcement by the company this morning.
Rather than move to an empty field near Home Depot, the Cranbrook Canadian Tire is instead moving into Tamarack Shopping Centre – to occupy the recently vacated Target building.
Canadian Tire Corporation Limited has announced it has concluded an agreement to acquire 12 strategic real estate leases, formerly held by Target Canada, for $17.7 million.
The transaction is subject to the approval of the court in connection with Target Canada’s CCAA proceedings.
“We’re always on the lookout for great opportunities. We’ve been tracking certain Target properties for some time and when the opportunity came up, we moved quickly and secured virtually all of them. We chose 12 properties that fit strategically and financially into our store network,” said Michael Medline, President and CEO, Canadian Tire Corporation.
This acquisition provides Canadian Tire with an opportunity to accelerate sales and market share growth, a company press release suggested. “It also allows Canadian Tire to improve profitability by providing a cost-effective means to improve its retail store network through right-sizing and replacing some of its existing stores to better locations. The 12 new locations will add approximately 400,000 square feet of retail space to Canadian Tire Retail’s store network,” the release noted.