July 24, 2015 11:55 am

Lowe’s building out new stores, moving into ex-Target locations

Lowe's has bought a dozen leases for former Target locations across the country.

THE CANADIAN PRESS/AP/Chuck Burton
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TORONTO – Lowe’s Canada said Friday it will spend $50 million to build two new stores in Ontario.

In addition to a dozen former Target Canada stores it recently acquired, the home improvement retailer said it will grow to 54 stores in Canada.

Lowe’s acquired 12 former Target locations as well as Target’s Milton, Ont., distribution centre for $147.75 million after the company decided to close its Canadian operations.

MORE: Complete coverage of Target’s historic collapse in Canada

Lowe’s had earlier agreed to buy 13 former Target Canada locations and the distribution centre for about $151 million, but a deal could not be reached on one of the locations.

The 14 new stores will be located across the country including four new stores in British Columbia, two in Alberta, one in Saskatchewan and seven in Ontario.

WATCH: Sean Mahoney, agent with Toronto’s Sage Real Estate, and Aeriol Nicols, a mortgage broker with Royal LePage Real Estate, reveal what renovations will give you the most return.

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