Canadian Tire has been a staple in households across Canada for decades. But like all long-standing retailers, the company has to make changes in order keep up with the ever-evolving landscape. And they recently made a very interesting acquisition.
Today Canadian Tire Corporation announced that it will be purchasing Party City‘s Canadian business.
The $174.4 million acquisition includes 65 Canadian retail stores across seven provinces. With this move, Canadian Tire is hoping to win over the hearts of families and millennials across the nation and become “Canada’s fun store.”
For those unfamiliar, Party City is a destination for all things party related, with everything you need for major events like Christmas, Halloween, birthdays, and more, all under one roof.
“Strengthening our marketplace is at the heart of our growth strategy and we are excited to welcome Party City into the Canadian Tire family of companies,” Canadian Tire Corporation’s EVP of Retail, Allan MacDonald said in a press release. Party City will be joining retailers like SportChek, Mark’s, Helly Hansen, and more under the company umbrella.
The iconic Canadian retailer has big plans for Party City.
And it includes bringing Party City’s exclusive and unique roster of merchandise — which includes notable brands like Disney — into Canadian Tire stores through store-in-stores, pop-ups, and “in-line” aisles. Canadian Tire Corporation believes that, with decades of experience and its extensive store network, party store’s sales could double by in just three year’s time.
Not only that, but Canadian Tire Corporation’s beloved Triangle Rewards will be expanding into Party City, giving shoppers more opportunity to earn rewards.
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