Target acquisition accelerates Lowe’s footprint in Canada
TORONTO, ON, 2015-7-28 — /EPR Retail News/ — Lowe’s Canada announced today that in addition to completing the acquisition of 12 former Target sites, the company also plans to open two more locations in Ontario. Construction is currently underway in Ancaster and Mississauga, representing an additional investment in excess of approximately C$50 million.
“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.”
The new Lowe’s store sites are located across Canada, many in markets where Lowe’s is currently underpenetrated. As a result of these new locations, approximately 2,000 jobs will be created in Canada, and Lowe’s total Canadian store count will increase to 54 locations including 37 stores in Ontario, 3 in Saskatchewan, 9 in Alberta and 5 in British Columbia.
Lowe’s acquisition of the 12 former Target locations has been completed, including the purchase of Target’s Milton, Ontario distribution centre for a total purchase price of approximately C$147.75 million. This acquisition came as part of a real estate auction following Target’s decision to cease operations in Canada.
The 14 new stores, located across the country will enhance Lowe’s presence in Western Canada and strengthen its base in Ontario adding four new sites in British Columbia, two in Alberta, one in Saskatchewan and seven in Ontario as follows:
|Abbotsford Power Centre||Abbotsford, BC||1225 Sumas Way|
|Nanaimo North Town Centre||Nanaimo, BC||4750 Rutherford Road|
|Prince George||Prince George, BC||2999 Massey Drive|
|Victoria Tillicum||Victoria, BC||3170 Tillicum Road|
|Shoppes at Shawnessy||Calgary, AB||295 Shawville Blvd SE|
|Signal Hill Centre||Calgary, AB||5696 Signal Hill Centre SW|
|Northgate Mall||Regina, SK||355 Albert St. N|
|Ancaster||Ancaster, ON||100 Portia Drive|
|Milton Mall Shopping Centre||Milton, ON||55 Ontario Street South|
|Mississauga||Mississauga, ON||5348 Mavis Road|
|Centrepoint Mall||North York, ON||6600 Yonge Street|
|RioCan St. Laurent||Ottawa, ON||1021 St. Laurent Blvd|
|Shoppers World Danforth||Toronto, ON||3003 Danforth Avenue|
|Intercity Shopping Centre||Thunder Bay, ON||1000 Forth William Road|
The new distribution centre in Milton, Ontario is strategically located to serve the company’s current and future stores.
Lowe’s Canada is slated to open its 40th store in Saskatoon, Saskatchewan in August 2015. Opening dates for the remaining 14 locations will vary based on construction and permitting schedules.
About Lowe’s Canada
Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 16 million customers a week in the United States, Canada and Mexico through its stores and online. With fiscal year 2014 sales of $56.2 billion, Lowe’s has 1,840 home improvement and hardware stores and more than 265,000 employees. In Canada, Lowe’s opened its first stores in December 2007 and now operates 39 stores in Ontario, Alberta, Saskatchewan and British Columbia with more than 6,000 employees. For more information, visit www.lowes.ca.