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Lowe's Canada to open in former Target stores

Lowe's Canada

Lowe’s Canada announced Friday it will open 14 new stores in Canada, including 12 at former Target locations.

“Overall, the industry seems to be in good shape,” said Sylvain Prud’homme, president of Lowe’s Canada, explaining the reasoning behind the expansion.

“Even though there are a lot of retailers, there is a lot of demand. HGTV is bringing lots of excitement to renos.”

He said Lowe’s is working on another list of locations, adding that the market is in their favour now that some retailers are shedding stores.

Lowe’s had tried to expand quickly by purchasing the Quebec-based Rona for $1.8 billion in 2012, but the offer was rejected. 

In addition to the 12 new Target locations, Lowe’s is building a store in Ancaster and another in Mississauga from the ground up, an investment of about $50 million.

Lowe’s bought the 12 former Target locations, plus Target’s distribution Centre in Milton, for approximately $147.75 million. 

About 2,000 jobs will be created and Lowe’s will grow to 54 locations in Canada, including 37 stores in Ontario, three in Saskatchewan, nine in Alberta and five in British Columbia.

The new stores include locations in Alberta. Prud’homme said that while problems in the oil patch related to the steep decline in the price of oil are concerning, research has shown consumers confidence remains high.

The former Target stores that will house Lowe’s locations include the store at Shopper’s World Danforth; the store at Milton Mall Shopping Centre and the one at Centrepoint Mall.

Opening dates will vary.

The list of new Lowe’s locations.

Ontario locations:

Ancaster

Milton Mall Shopping Centre

Mississauga

Centrepoint Mall, Toronto

RioCan St. Laurent, Ottawa 

Shoppers World Danforth, Toronto 

Intercity Shopping Centre, Thunder Bay

Across Canada:

Abbotsford Power Centre, Abbotsford, B.C.

Nanaimo North Town Centre, Nanaimo, B.C.

Prince George, B.C.

Victoria Tillicum, Victoria, B.C.

Shoppes at Shawnessy, Calgary, Alta.

Signal Hill Centre, Calgary, Alta.

Northgate Mall, Regina, Sask.

Source: The Star.com

Read more here.

27 July 2015

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