Petco Expands Exclusive Shop-in-Shop Partnership with Top Canadian Lifestyle Retailer Canadian Tire

Rhea-AI Summary

Petco Health and Wellness Company (NASDAQ: WOOF) announced an expansion of its exclusive retail partnership with Canadian Tire, launching shop-in-shop experiences in 450 stores across Canada by mid-2023. With 90% of Canadians living within 15 minutes of a Canadian Tire location, this initiative targets Canada’s $5.3 billion pet market. The collaboration aims to enhance product visibility and access to Petco's health and wellness products, including its premium WholeHearted pet food line. The partnership, initiated in 2018, has seen double-digit growth, appealing to new customers while reinforcing Petco's position in the pet care sector.

Positive

• Expansion to 450 Canadian Tire stores enhances brand visibility.
• Access to Canada’s $5.3 billion pet market with exclusive Petco products.
• Experience expected to attract new customers and increase sales.

Negative

• None.

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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.

FAQ

What is Petco's recent partnership expansion?

Petco expanded its partnership with Canadian Tire to include shop-in-shop experiences in 450 stores across Canada.

How many Canadian Tire locations will feature Petco products?

Petco products will be available in 450 Canadian Tire locations across Canada by mid-2023.

What market is Petco targeting with this expansion?

Petco aims to reach Canada’s $5.3 billion pet market through this partnership.

What are the expected benefits of the Petco and Canadian Tire partnership?

The partnership aims to enhance product visibility, attract new customers, and increase sales in the pet category.

What types of products will be offered in Canadian Tire stores?

Petco's health and wellness products, including premium pet food lines like WholeHearted, will be featured.