Toronto Canadian Tire Corp. plans to launch two new store concepts this year, according to a Globe and Mail report.
It also plans to re-model bigger stores to focus on its stronger categories, such as sporting goods and hardware supplies. The concepts aim to help the company bolster its business after a sluggish economy caused weak sales in its first quarter, the report said.
The new concepts will begin to launch in the summer. Approximately 100 rural and “underserved” smaller markets have already been identified for the smaller store format, according to the report.
The new stores will have about one-third the selling space of a traditional Canadian Tire outlet, the report said.