Market News

Canadian Tire Steps Up Plans for Larger Stores

Encouraged by strong sales, Toronto-based Canadian Tire Corp. says it plans to step up the rollout of its larger-format outlets. Speaking at a retail conference, Canadian Tire CFO Huw Thomas said his company plans to have 300 stores conforming to its larger Concept 20/20 store model by 2009—about a $900 million investment. The Concept 20/20 stores—which the company says are more popular with shoppers—range from 65,000 to 100,000 square-feet. About 200 existing stores will be retrofitted and the remainder will be new stores in both suburban power centres as well as more "inner city" development. Source: Canadian Grocer E-Newsletter, September 22nd. 2006.