Lowe's Canada announced it will spend $50 million to open 14 stores, including 12 newly acquired former Target (NYSE:TGT) locations and two additional sites.
"These 14 new locations are a tremendous win for us in Canada, accelerating our growth across the country and bringing our total store count to 54 locations," said Sylvain Prud'homme, president of Lowe's Canada. "We continue to receive a positive reaction from our customers on our store experience and this helps us reach additional communities more quickly."
Lowe's acquired the former Target locations for $147.75 million after the big-box retailer announced it would shutter all of its Canadian locations. This past spring, Lowe's originally announced plans to acquire 13 former Target Canada locations, but that number was eventually reduced by one store.
The 14 new stores will be loaded across the country and include four new locations in British Columbia, two in Alberta, one in Saskatchewan and seven in Ontario.
The new distribution center in Milton, Ontario, will serve current and future stores.
In May, Lowe's reported its eighth consecutive quarter of double-digit same-store sales in Canada. The hardware chain's growth is due in large part to successfully implementing ideas from consumers. Not listening to shoppers may have been one of the downfalls of Target in Canada. The retailer never recovered from its initial blunders when entering the country and perhaps tried to expand too quickly.
-See this Lowe's Canada press release
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