Canadian Tire Corporation Expands Mark’s Store Footprint Through Bed, Bath & Beyond Lease Acquisition
Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) (“CTC” or the “Company”) is increasing its store footprint through its agreement to acquire 10 strategic real estate leases, formerly held by Bed, Bath & Beyond in Canada for a final purchase price of $1.6 million.
Acquiring these leases will enable CTC to continue building on the growth of its Mark’s and Pro Hockey Life (PHL) banners. CTC has designated six of the ten leases acquired for Mark’s relocations in Grande Prairie, Medicine Hat, Red Deer and Strathcona County (Alberta), Langley (BC), and Oakville (Ontario).
“Following our 10th consecutive quarter of growth in Q4 2022, Mark’s is continuing to build on its incredible momentum in the Canadian market by strategically relocating six retail spaces to more convenient and larger sites,” said PJ Czank, President, Mark’s. “These relocated stores will feature more products and deeper assortments of our best brands to meet the needs of our customers in Alberta, British Columbia and Ontario.”
In addition to the Mark’s relocations, the agreement will allow CTC to implement plans for four new Pro Hockey Life (PHL) stores in Ontario. The 10 leases combined represent more than 242,000 square feet of retail space.
About Canadian Tire Corporation
Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or “CTC”, is a group of companies that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions. Party City, PartSource and Gas+ are key parts of the Canadian Tire network. The Retail segment also includes Mark’s, a leading source for casual and industrial wear; Pro Hockey Life, a hockey specialty store catering to elite players; and SportChek, Hockey Experts, Sports Experts and Atmosphere, which offer the best active wear brands. The more than 1,700 retail and gasoline outlets are supported and strengthened by CTC’s Financial Services division and the tens of thousands of people employed across Canada and around the world by CTC and its local dealers, franchisees and petroleum retailers. In addition, CTC owns and operates Helly Hansen, a leading technical outdoor brand based in Oslo, Norway. For more information, visit Corp.CanadianTire.ca.
Source: Canadian Tire Corporation Limited