Lowe’s Canada has completed its acquisition of 12 former Target locations, including a distribution center in Milton, Ont., for approximately $114 million. This acquisition came as part of a real estate auction following Target’s decision to cease operations in Canada.
Construction currently is underway for two additional stores in Ancaster and Mississauga, Ont., representing an additional investment in excess of approximately $38 million. The new stores are designed to enhance Lowe’s presence in Western Canada and strengthen its base in Ontario.
“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.”
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The new Lowe’s store sites are located across Canada, many in markets where Lowe’s currently is underpenetrated. The new locations will create approximately 2,000 jobs in Canada. This total will include 37 stores in Ontario, three in Saskatchewan, nine in Alberta and five in British Columbia.
Opening dates for the remaining 14 locations will vary based on construction timing and varying schedules.
