TORONTO, Feb. 15,
2023 /CNW/ - Canadian Tire Corporation, Limited (TSX:
CTC) (TSX: CTC.A) ("CTC") today announced its continued expansion
of Petco shop-in-shops across the country through its exclusive
retail partnership with Petco Health and Wellness Company, Inc.
(Nasdaq: WOOF) ("Petco"). This investment enables CTC to further
tap into Canada's $5.3 billion pet market and expand its exclusive
Petco product assortment through dedicated store space. Petco
shop-in-shops are now featured in over 80% of Canadian Tire stores
and are planned to grow to 90% by this summer.
"With 60% of Canadian households home to a family cat or dog,
pet is an important product category with strong potential for
growth rooted in value, relevance and trusted brands for our
customers," said Michael Magennis,
Senior Vice President, General Merchandising at Canadian Tire
Retail. "Since partnering with Petco in 2018, we have seen
double-digit growth in the category with a marked increase in
customers shopping the pet category for the first time."
This expansion will give more Canadians access to a broadened
and exclusive offering of Petco's premium pet products – including
Petco's fast-growing WholeHearted line of premium pet food and
treats, and its popular lifestyle and fashion brand for pets,
Reddy. The shop-in-shop experience will also feature a variety
of additional Petco brands, including SoPhresh pet litters and
litter accessories, and Well & Good, a pet care line with a
wide range of expert-formulated, high-quality first-aid solutions,
remedies and grooming products and tools.
CTC's investment in the pet category is a core part of the
renewed Canadian Tire store concept and broader product assortment
being rolled out as part of the company's Better
Connected strategy.
"Canadian Tire's legacy as one of the go-to retailers for
living, playing, fixing, automotive and seasonal products has
cemented them as a household name in Canadian homes. Through
our exclusive expanded partnership with Canadian Tire,
we're growing awareness of, and access to, Petco's health and
wellness products within Canada's
dynamic and rapidly growing pet market," said Petco Chief
Merchandising Officer Amy College.
"Four years after our teams brought this exciting and innovative
concept to pet parents, the continued growth of our partnership
speaks to pet parents' deep confidence in Petco's pet care
expertise, as well as the power and reach of Canadian Tire's
connection with the local market. These shop-in-shops will continue
to bring innovation to existing Canadian Tire pet parents and
attract new customers for years to come."
Petco is a category-defining pet health and wellness company. It
has become a trusted source for high-quality, premium pet products,
services and veterinary offerings online and in 1,500 pet care
centres across the United States, Mexico and Puerto Rico.
For more information on Canadian Tire Corporation, Limited,
visit canadiantire.ca. For more information on Petco,
visit petco.com.
About Canadian Tire Corporation,
Limited
Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or
"CTC", is a group of companies that includes a Retail segment, a
Financial Services division and CT REIT. Our retail business is led
by Canadian Tire, which was founded in 1922 and provides Canadians
with products for life in Canada
across its Living, Playing, Fixing, Automotive and Seasonal &
Gardening divisions. Party City, PartSource and Gas+ are key parts
of the Canadian Tire network. The Retail segment also includes
Mark's, a leading source for casual and industrial wear; Pro Hockey
Life, a hockey specialty store catering to elite players; and
SportChek, Hockey Experts, Sports Experts and Atmosphere, which
offer the best active wear brands. The more than 1,700 retail and
gasoline outlets are supported and strengthened by
CTC's Financial Services division and the tens of thousands of
people employed across Canada and
around the world by CTC and its local dealers, franchisees and
petroleum retailers. In addition, CTC owns and operates Helly
Hansen, a leading technical outdoor brand based in Oslo, Norway. For more information,
visit Corp.CanadianTire.ca.
About Petco, The Health + Wellness
Co.
Founded in 1965, Petco is a category-defining health and
wellness company focused on improving the lives of pets, pet
parents and our own Petco partners. We've consistently set new
standards in pet care while delivering comprehensive pet wellness
products, services and solutions, and creating communities that
deepen the pet-pet parent bond. We operate more than 1,500 pet care
centers across the U.S., Mexico
and Puerto Rico, which offer
merchandise, companion animals, grooming, training and a growing
network of on-site veterinary hospitals and mobile veterinary
clinics. Our complete pet health and wellness ecosystem is
accessible through our pet care centers and digitally at
petco.com and on the Petco app. In tandem with Petco
Love (formerly the Petco Foundation), an independent nonprofit
organization, we work with and support thousands of local animal
welfare groups across the country and, through in-store adoption
events, we've helped find homes for more than 6.5 million
animals.
SOURCE CANADIAN TIRE CORPORATION, LIMITED