Lowe’s Canada is moving into locations Target Canada has left vacant, acquiring leases for 13 Target buildings and also buying a Target distribution center in a $151 million deal.
Target Canada announced in January that it would leave the Canada market this year, closing all 133 stores because the retailer’s Canadian operations weren’t profitable. Lowe’s is taking over some of the Target store buildings as the home improvement retail giant expands in 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,” Sylvain Preud’homme, president of Lowe’s Canada, says.
“These additional locations will accelerate our expansion across the country, enhancing our presence in western Canada and strengthening our base in Ontario.”
As a result of the transaction, Lowe’s Canada will be creating about 2,000 jobs, according to the company. The store locations are throughout Canada.
Target Canada eliminated about 17,600 jobs by closing all of its Canadian stores, Canada headquarters and three distribution centers. The company has worked to cut its losses by selling equipment and building leases.