Canadian Tire unveils four-year growth plan, ‘True North’

Canadian Tire Corp. is launching a four-year strategy aimed at expanding its retail business, enhancing its Triangle Rewards loyalty program and streamlining operations.

The plan, called True North, includes investments in data analytics, omnichannel retail expansion and a more integrated operating model, the company said in a release. The retailer will reorganize from a holding company into a unified structure to improve efficiency and customer engagement.

“In a new era of retail and hyper-scale global competition, we will operate more efficiently and go to market more strategically,” said Greg Hicks, president and CEO.

The company will also optimize its SportChek portfolio by closing 17 standalone Atmosphere stores, relocating 14 of them within SportChek locations.

Canadian Tire plans to invest more than $2 billion over the next four years, with capital expenditures reaching up to $575 million in 2025. The company will also repurchase up to $400 million in shares and use $200 million to reduce debt.

Cost-saving measures, including restructuring and store closures, will result in one-time charges of about $85 million but are expected to generate $100 million in annual savings starting in 2026.

The company will provide updates on the plan’s progress when it reports first-quarter earnings May 8.