Canadian Tire to acquire 12 former Target locations
Company will acquire 400,000 square foot of space from stores vacated by U.S. retailer
Canadian Tire is set to take over 12 leases on former Target Canada stores, the company announced Wednesday.
Canadian Tire said the deal for the locations will cost $17.7 million, and is subject to approval by the court-appointed trustee monitoring Target's closures in Canada.
All in all, the chain is picking up about 400,000 square foot of retail space.
"Our customers are going to benefit from more convenient locations and larger stores that will allow us to showcase more products and deeper assortments of our best brands," CEO Michael Medline said in a statement.
New Canadian Tire stores will take over the old Target spots in the following locations:
- Bayers Lake Power Centre, Halifax.
- Northwest Centre, Moncton, N.B.
- Place Alexis Nihon, Montreal
- Place Versailles, Montreal.
- Les Carrefours Rimouski, Rimouski, Que.
- Aurora Centre, Aurora, Ont.
- Sudbury Super Mall, Sudbury, Ont.
- Grant Park Shopping Centre, Winnipeg.
- Driftwood Mall, Courtenay, B.C.
- Tamarack Shopping Centre, Cranbrook, B.C.
- Village Green Mall, Vernon, B.C.
- Hillside Centre Victoria.
Target closed all of its stores in Canada last month, citing disappointing sales numbers since the chain bungled its launch here in 2013