Canadian Tire Corp. Ltd. (TSX: CTC, CTC.A) announced the expansion of its retail store presence through a $1.6 million acquisition of 10 real estate leases formerly held by Bed, Bath & Beyond (NASDAQ:BBBY).
The 10 leases combined represent more than 242,000 square feet of retail space. According to CTC, the acquisitions will enable the company to grow its Mark’s and Pro Hockey Life (PHL) brands. 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 (British Columbia) and Oakville (Ontario), with the remaining four stores designed for PHL’s retail presence in 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 of 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.”
Photo by Mike Mozart / Flickr Creative Commons
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