October 4, 2007
Canadian Tire outlines plans for growth and productivity
Toronto, Ontario – Canadian Tire Corporation has outlined its plans to build a “bigger and better” company through a continued focus on growth and productivity. The update was provided by the company’s management team during an investor conference, outlining the company’s strategic direction for the 2008-2012 period.
The company says it expects to introduce a total of between 60 and 70 new retail outlets annually across Canadian Tire Retail, Mark’s Work Wearhouse, PartSource and Canadian Tire Petroleum. It is piloting a full-size Mark’s store inside Canadian Tire stores as a specialty department in stores in Waterdown, Ontario and Dartmouth, Nova Scotia expected to open this fall. In 2008, it plans to test a new infill retailing concept featuring a product assortment tailored to the local market, a Mark’s in every store, and retail footage of 18,000 to 20,000 square feet.
The company also plans to expand category assortments, new technology infrastructure and a network of approximately 22 PartSource hub stores across Canada to supply parts on a same-day basis for up to 80 per cent of Canadian Tire stores; to expand the assortment of Mark’s women’s apparel; and to continue to expand Canadian Tire Financial Services’ portfolio of services, including new credit cards, balance transfers and credit line expansion.