Petco's health and wellness product
assortment, including owned brands, will be available in dedicated
shop-in-shop experiences across 450 Canadian Tire stores in
2023
SAN
DIEGO, Feb. 15, 2023 /PRNewswire/ -- Petco Health
and Wellness Company, Inc. (Nasdaq: WOOF) today announced a
significant expansion to its existing exclusive retail partnership
with Canada's iconic retail brand, Canadian Tire (TSX: CTC,
TSX: CTC.A). The expansion forms part of Canadian Tire's
renewed store concept and broader product assortment being rolled
out as part of the company's Better
Connected strategy.
With an estimated 90% of Canadians living just 15 minutes away
from a Canadian Tire store, this expansion will enable Petco to
further reach into Canada's
assessed $5.3 billion pet market with
an expanded, exclusive Petco product assortment in dedicated
Canadian Tire store spaces as well as online at canadiantire.ca.
Petco shop-in-shops will be available in 90% of Canadian Tire's
locations across the country by the middle of 2023.
"Canadian Tire's legacy as an admired go-to retailer 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 local
markets. These shop-in-shops will continue to bring innovation to
existing Canadian Tire pet parents and attract new customers for
years to come."
Delivering against Petco's mission of improving the lives of
pets and people, the two retail leaders will significantly increase
inventory of Petco's premium, owned and exclusive 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 litter
and 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.
"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."
For more information about Petco's health and wellness
solutions, visit petco.com. For details on Canadian Tire,
visit canadiantire.ca.
About Petco, The Health + Wellness Co.:
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.
About Canadian Tire Corporation
Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or
"CTC," is a family of businesses 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. 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, and FGL Sports
(Sport Chek, Hockey Experts, Sports Experts, Sports Rousseau,
L'Entrepôt du Hockey, National Sports, Intersport, Pro Hockey Life
and Atmosphere), which offers the best active wear brands. The
approximately 1,700 retail and gasoline outlets are supported and
strengthened by our Financial Services division and the tens of
thousands of people employed across the country by the Company and
its local dealers, franchisees and petroleum retailers. For more
information, visit Corp.CanadianTire.ca.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, concerning expectations, beliefs, plans,
objectives, goals, strategies, future events or performance and
underlying assumptions and other statements that are other than
statements of historical fact. Although Petco believes that the
expectations and assumptions reflected in these statements are
reasonable, there can be no assurance that these expectations will
prove to be correct. Forward-looking statements are subject to many
risks and uncertainties, including the risk factors that Petco
identifies in its Securities and Exchange Commission filings, and
actual results may differ materially from the results discussed in
such forward-looking statements. Petco undertakes no duty to update
publicly any forward-looking statement that it may make, whether as
a result of new information, future events or otherwise, except as
may be required by applicable law, regulation or other competent
legal authority.
Petco Media Contact:
Ventura
Olvera
Ventura.olvera@petco.com
Canadian Tire Corporation Media Contact:
mediainquiries@cantire.com
416-480-8453
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SOURCE Petco Health and Wellness Company, Inc.
