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Lowe’s Canada has announced that it is the latest retailer to acquire stores left vacant by Target Canada.
Lowe’s has reached an agreement to acquire the leases of 13 former Target stores in a deal worth approximately $151 million. The acquisition comes as part of the real estate auction following Target’s decision to cease operations in Canada.
Photo Credit: Lowe's Canada
"Since opening stores in Canada in 2007, we have developed a successful model for providing the Canadian customer with outstanding service and quality products for the home," said Sylvain Prud'homme, president of Lowe's Canada. "These additional locations will accelerate our expansion across the country, enhancing our presence in Western Canada and strengthening our base in Ontario. We are excited to bring Lowe's to more customers in more communities in Canada, further demonstrating our commitment to this important market."
There is no word yet as to which locations will be taken over by Lowe’s, with the company only stating that the sites are across the country and in areas where Lowe’s is “underpenetrated”. As a result of the transaction, approximately 2,000 jobs will be created in Canada. The deal is subject to court approval and expected to be completed by June 30th, 2015.
Lowe’s Canada operates 38 stores in Ontario, Alberta, Saskatchewan, and British Columbia and employs more than 6,000 people.
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