Canadian Tire is increasing its store footprint through its acquisition of 10 real estate leases, formerly held by Bed, Bath & Beyond in Canada, for $1.6 million.
According to a news release, company officials stated “acquiring these leases will enable Canadian Tire to continue building on the growth of its Mark’s and Pro Hockey Life (PHL) banners.” Canadian Tire has designated six of the 10 leases acquired for Mark’s relocations in Grande Prairie, Medicine Hat, Red Deer, and Strathcona County in Alberta; Langley, B.C.; and Oakville, Ont.
“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,” says 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.”
In addition to Mark’s relocations, Canadian Tire will implement plans for four new PHL stores in Ontario. The 10 leases combined represent more than 242,000 square feet of retail space.
The U.S.-based retailer Bed, Bath & Beyond closed all its Canadian locations late last month, four days earlier than expected.