Canadian Tire has announced plans to buy leases for 12 former Target (NYSE:TGT) locations in Canada for $17.7 million. The locations will add about 400,000 sq. ft. of retail space to the company's store network.
In addition to its name brand, Canadian Tire also owns Mark's, a casual and industrial wear retailer, and FGL Sports, whose brands include Sport Chek, Hockey Experts and Sports Experts, reported the Globe and Mail.
Canadian Tire CEO Michael Medline said the retailer had been tracking certain Target properties for some time, waiting to buy them out. Metro Inc. and Hudson's Bay Co. (NYSE:HBC) have also shown interest in Target's properties.
In April, Target shuttered all 133 Canadian stores and the real estate sales process is expected to be completed by June. Target Canada never recovered from its initial blunders.
Canadian Tire's announcement comes just a few days after the company announced the opening of its second digital innovation lab.
-See this Globe and Mail article
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