The answer to the question of what to do with the empty space at the former Target location in the Tamarack Centre has been answered.
Canadian Tire Corp. says it has signed a deal to buy 12 real estate leases in former Target locations across the country, one of which is in Cranbrook.
The deal is reportedly worth $17.7 million for all 12 leases once the deal is approved.
The former Target building has been empty since Canadian operations officially closed down in earlier this year.
Canadian Tire chief executive Michael Medline says the purchase will allow the company to accelerate its growth, improve its retail network and provide its customers with more convenient locations and larger stores.
However, details were thin as of press time on Wednesday.
“At this time we have no new information to provide,” said Sandra Buckler, Vice President, Canadian Tire Corporation. “When the court issues the approval, we will be in a better position to share details.”
Cranbrook Mayor Lee Pratt welcomes the news.
“Canadian Tire is a very successful Canadian business and will be here for years to come,” says Mayor Lee Pratt. “I am sure this will speed up their previously announced store expansion and provide more jobs for the citizens of Cranbrook. An anchor tenant like this for the Tamarack Centre is also great news and I am sure will lead to more positive opportunities for other space rental there.”
A year ago, Cranbrook city council approved the development of a new Canadian Tire store on the north side of the city beside the Home Depot.
The applicant proposed a 6,668 sq. metres commercial retail building, which will include a retail floor area, mezzanine areas for office and warehouse space, an auto service centre and a 929 sq. metre outdoor garden centre.
The status of that project is currently up in the air with Wednesday’s announcement.
Other Target leases have been purchased by Canadian Tire across B.C., Ontario, Quebec, Nova Scotia, New Brunswick and Manitoba.