Canadian Tire acquires 12 Target leases including Cranbrook

Canadian Tire Corporation has acquired 12 real estate leases, formerly held by Target Canada.

Canadian Tire Corporation, Limited has concluded an agreement to acquire 12 strategic real estate leases, formerly held by Target Canada, for $17.7M. The transaction is subject to the approval of the court in connection with Target Canada's CCAA proceedings.

"We're always on the lookout for great opportunities. We've been tracking certain Target properties for some time and when the opportunity came up, we moved quickly and secured virtually all of them. We chose 12 properties that fit strategically and financially into our store network," said Michael Medline, President and CEO, Canadian Tire Corporation. 

This acquisition provides Canadian Tire with a unique opportunity to accelerate sales and market share growth. It also allows Canadian Tire to improve profitability by providing a cost-effective means to improve its retail store network through right-sizing and replacing some of its existing stores to better locations. The 12 new locations will add approximately 400,000 square feet of retail space to Canadian Tire Retail's store network.

"We view this real estate acquisition as a high–return investment and a positive transaction for our shareholders, our customers and our Dealers. 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," concluded Medline.

There had been talk that the Canadian Tire store in Cranbrook would relocate and build a new building on a parcel of land near Home Depot. It is certainly nice fit for the Tamarack Shopping Centre, giving the regional mall a solid anchor tenant. Richard Reinders has been the franchise owner of the Cranbrook Canadian Tire store since 1998.

The newly acquired store locations span the country: