Former Target store in New Sudbury to become a Canadian Tire

The former Target location in New Sudbury will soon become a Canadian Tire. Canadian Tire announced Wednesday it has concluded an agreement to acquire 12 real estate leases formerly held by Target Canada, including the former store in New Sudbury.

The former Target location in New Sudbury will soon become a Canadian Tire.



Canadian Tire announced Wednesday it has concluded an agreement to acquire 12 real estate leases formerly held by Target Canada, including the former store in New Sudbury.



“We're always on the lookout for great opportunities. We've been tracking certain Target properties for some time and when the opportunity came up, we moved quickly and secured virtually all of them,” said Michael Medline, president and CEO of Canadian Tire Corporation, in a press release. “We chose 12 properties that fit strategically and financially into our store network.”



The acquisition of the 12 leases cost Canadian Tire $17.7 million, and is still subject to court approval, in connection with Target's Companies' Creditors Arrangement Act proceedings.



The 12 new locations will add around 400,000 square feet of retail space to Canadian Tire Retail's store network.



“We view this real estate acquisition as a high–return investment and a positive transaction for our shareholders, our customers and our dealers,” Medline said. “Our customers are going to benefit from more convenient locations and larger stores that will allow us to showcase more products and deeper assortments of our best brands.”



In addition to Sudbury, Canadian Tire acquired Target leases in Halifax, Moncton, Montreal, Rimouski, Aurora, Winnipeg, Courtenay, Cranbrook, Vernon, and Victoria.



NorthernLife.ca has calls out to determine the fate of the current Canadian Tire location, adjacent to Target.