Lowe’s, Ikea continue openings
Ikea and Lowe’s are moving ahead with plans to boost their presence inCanada on hopes that a federal tax credit for home improvement projectswill send shoppers rushing into their stores.
Ikea and Lowe’s are moving ahead with plans to boost their presence in Canada on hopes that a federal tax credit for home improvement projects will send shoppers rushing into their stores.
Furniture and home decor retailer Ikea Canada said Tuesday that it’s planning a “major expansion” in Winnipeg and Ottawa, while also rebuilding showrooms in other parts of the country.
The Swedish company didn’t say in its announcement how many stores it planned to open or rebuild.
Meanwhile, Lowe’s Companies (NYSE:LOW) says that three more of its home-improvement stores will be added to its roster in the Toronto area by the end of the second quarter.
The U.S. company opened its first stores in Canada last year, and has 11 existing locations.
The expansion decisions come in the wake of a plan in the proposed federal budget that would give Canadians as much as $1,350 in tax relief on home improvement projects.
“We believe in the vitality of the Canadian market and we have every indication that Canadians are still interested in investing in their homes, particularly with projects like new kitchens,” said Ikea Canada president Kerri Molinaro in a release.