Stores are closing in B.C., Alberta, Ontario, Quebec, and Newfoundland & Labrador.
By February of 2019, 27 Lowe’s & Rona stores are closing in Canada. Four other locations also owned by Lowe’s will be closing as well.
Many retail chains have been struggling, and U.S.-based Lowe’s has been facing challenges for some time.
Canadian consumer spending is also expected to take a hit as the household debt problem and rising interest rates eats into money that Canadians could have been spending in the economy.
Rona was once a Canadian company, but was bought by Lowe’s in 2016.
According to reports, Lowe’s stores have only been able to manage about half the sales of Home Depot, their far more successful rival.
The reduction in Lowe’s stores is just the latest in what has been a nightmarish period for retail, as online shopping continues to surge. And while stores like Home Depot and Lowe’s have been more resistant to that trend, they are clearly not immune.
A video report on the closure of stores in both Canada & the U.S. can be watched below:
Photo – YouTube