Lowe’s Canada is taking a wait-and-see approach before confirming whether it’s opening new stores in B.C. after buying more than a dozen leases for former Target outlets.
The home improvement retailer announced Monday (May 11) it’s reached an agreement to pay $151 million for leases at 13 former Target Canada stores as well as an Ontario distribution centre.
Lowe’s Canada president Sylvain Prud’homme said in a release the acquisition is aimed at “enhancing our presence in Western Canada” and “strengthening our base in Ontario.”
While the company confirmed it was buying a former Target distribution centre in Milton, Ont., a spokeswoman would not say where retail locations are.
“Conversations will be ongoing for each specific site since these are lease locations,” Connie Bryant told Business in Vancouver.
“So while we think the process is going well, the real estate process can be complicated and unpredictable. So while we’re confident we’re going to be able to work through the contingencies for each location, we’ve just decided not to share the details until they’re confirmed.”
The acquisition is still subject to court approval, but Bryant said if Lowe’s is given the green light it will make the locations public once the deal closes June 30.
Last week, both Canadian Tire and Walmart announced they were acquiring leases for former Target Canada locations.
Both Canadian Tire and Walmart said they would each open four new locations in B.C. in deals worth $17.7 million and $350 million, respectively.
While Lowe’s has 38 stores and 6,000 employees across Canada, New Westminster is home to Lowe’s only location in B.C.
The company said the deal is expected to generate 2,000 jobs across Canada.
