Canadian Tire has concluded an agreement to acquire 12 real estate leases formerly held by Target, including the space at Vernon’s Village Green Centre.
The transaction is subject to the approval of the court in connection with Target Canada’s creditor 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, Canadian Tire president.
If the purchase proceeds, it’s not known what will happen with the existing Canadian Tire on 27th Street.
This acquisition, says Canadian Tire, is an opportunity to accelerate sales and market share growth.
The 12 new locations will add about 400,000 square feet of retail space to Canadian Tire’s store network.
“We view this real estate acquisition as a high – return investment and a positive transaction for our shareholders, our customers and our dealers. 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,” said Medline.