Lowe's acquires 13 former Target locations in Canada

Home improvement and appliance retailer Lowe's has acquired leases for 13 former Target Canada's locations.

The retailer acquired the retail storefronts and Target's former distribution hub in Milton, Ontario, in a $151m deal.

Lowe's spokesman was quoted by CBC News as saying: "Lowe's carefully evaluated the available sites and bid on locations that we believe best complement our existing store base or provide access to new markets where we believe the Lowe's brand and offering will be well received."

Lowe's president Sylvain Prud'homme said: "These additional locations will accelerate our expansion across the country, enhancing our presence in Western Canada and strengthening our base in Ontario.

"We are excited to bring Lowe's to more customers in more communities in Canada, further demonstrating our commitment to this important market."

Earlier, Lowe's announced plans to open new stores, a move that will create close to 2,000 jobs.

With over 6,000 employees, Lowe's currently has 38 stores across Alberta, British Columbia, Ontario and Saskatchewan.

Since Target declared it was pulling out of Canada, all of its 133 stores are being sold through a court supervised auction which is expected to complete by the end of June. So far, only 38 former Target Canada real estate leases have been selected for purchase by retailers.

Source: home furniture and houseware