Canadian Tire (CTC) has announced a multi-billion-dollar plan to boost flagging sales.
The national retailer, which operates several banners including Canadian Tire, SportChek and Mark's Work Warehouse, said it will spend $3.4-billion to “bolster omnichannel capabilities” and drive long-term growth.
The company says the investment will help improve customer experience across its online and brick-and-mortar stores while growing its loyalty rewards program. Canadian Tire says it will also strengthen its supply chain fulfilment infrastructure and modernize its IT infrastructure.
The announcement was made as Canadian Tire kicked off its investor day, where the company's leadership team outlined the turnaround plan.
“The future will belong to retailers who can provide the most seamless experience across digital and physical channels," Canadian Tire Chief Executive Officer (CEO) Greg Hicks said during his opening remarks at the investor day event.
Canadian Tire’s share price has declined 8% over the last six months and finished trading in Toronto yesterday (March 10) at $178.47.
