Canadian Tire is Taking Over Former Target Locations
It has almost been a full month since Target left Canada for good and with their departure, they left over 17,000 people jobless, 15 million square feet empty, 133 stores with an unknown future and a lot of landlords angry. Rumors have been swirling about who will take over the vacant spaces and an industry expert even voiced concern about the demise of shopping plazas that housed Target and Future Shop as anchors. Giant Tiger and Goodlife Fitness made it clear that they would be interested in taking over some of the spaces, but nothing had been confirmed… Until now.
CBC News reports that Canadian Tire is set to take over 12 leases on former Target locations, a deal that will cost the Canadian home improvement store $17.7 million. The entire takeover will gain the chain approximately 400,000 square feet 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.
Canadian Tire currently has 491 retail locations across Canada. After the acquisition, their count will be just over 500. The 12 new locations are scattered across Canada and include:
- 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.