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Vancouver Retail News: Lowe’s Closing Stores Across Canada and U.S.
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(Posted on Nov 14, 2018 at 07:32PM by Michelle Bogle)
Earlier this month, home improvement chain Lowe’s announced the closure of 51 stores in the United States and Canada as it strives to compete with rival Home Depot in a slowing housing market. Of those 51 stores, 31 are Canadian with one closure occurring in British Columbia. Lowe's also plans to close its block plant in Kamloops.
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It has been a trying last few quarters for the retailer, being hit especially hard by longer winters in North America and increased housing prices. Consumers are also spending less on housing, which has directly impacted the home improvement sector. The closures also follow a wave of similar moves by traditional retailers in the face of greater competition from Amazon and other mass online outlets.
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Sylvain Prud'homme, Chief Executive of Lowe's Canada, said the changes will allow the company to improve collaboration between its banners to better serve customers. “Everything will be done to ensure a smooth transition until the stores are closed, and Lowe's Canada will support impacted employees, including by transferring eligible employees to other locations within our network whenever possible,†he shared in a statement.
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The company, which operates about 1,800 U.S. stores and 300 in Canada, said it expects the closures to be completed by February, with the exception of some stores south of the border that will terminate immediately.
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To learn more about this closure and how it may impact the Canadian retail asset class, please contact our Vancouver office to speak with a Marcus & Millichap commercial real estate advisor.
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