LOWE'S CANADA EXPANDS
TO 54 LOCATIONS; TARGET ACQUISITION ACCELERATES GROWTH
TORONTO - Lowe's Canada announced 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.
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. 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.
07.27.15