Canadian Tire says restructuring will result in store closures
Canadian Tire Corp. Ltd. (CTC) has announced restructuring that will result in changes and closures to some of its store banners in Western Canada.
CTC said its new growth strategy, titled “True North,” will invest $2 billion over the next four years to “accelerate retail growth and loyalty expansion” while also improving the company’s financial performance.
The investment will focus on expanding CTC’s Triangle Rewards Program, shifting its operating model to be more agile, and prioritizing “core” Canadian retail businesses.
It will also optimize its SportCheck brand with new “concept stores.”
This will see the closure of 17 “uncompetitive” Atmosphere stores across B.C., Alberta, and Saskatchewan.
Atmosphere is CTC’s outdoor and adventure banner, specializing in camping and hiking apparel and equipment.
Canadian Tire Corp.
In total, 14 of these standalone Atmosphere shops impacted by closures will relocate within SportCheck stores.
A Canadian Tires spokesperson confirmed with Daily Hive that the new SportCheck combo stores will open in phases throughout 2025.
“Existing combo stores are not affected, nor are our franchise locations in Quebec and Eastern Canada,” they added.
“In a new era of retail and hyper-scale global competition, we will operate more efficiently and go to market more strategically, harnessing our banners and loyalty system to elevate our scale,” stated Greg Hicks, president and CEO of CTC, in a news release.
“Our transformation starts from the strengths that set us apart: we have the highest customer trust, market-leading data, and the vision to know, reward and serve Canadians best.”
This announcement comes weeks after CTC announced it would be selling activewear brand Helly Hanson to U.S.-based Kontoor Brands for $1.3 billion.