Canadian Tire’s plans for Vernon remains unknown.
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.
“At this time we have no new information to provide,” said Sandra Buckler, vice-president of the Canadian Tire Corporation.
The transaction is subject to the approval of the court overseeing Target’s creditor proceedings.
“When the court issues the approval, we will be in a better position to share details,” said Buckler.
Media inquiries to the operator of the Vernon Canadian Tire were directed to corporate headquarters, and it’s not known how the potential acquisition could impact the existing 25th Street outlet.
No specifics about the transaction are known by Village Green Centre managers.
In a release, Canadian Tire states it’s always looking for 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,” said Michael Medline, Canadian Tire president..
“We chose 12 properties that fit strategically and financially into our store network.”
The 12 locations will add about 400,000 square feet of retail space to Canadian Tire’s store network.
“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.