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.
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.
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
