Rona buys out Pierceys
Posted Jun 16, 2010 02:50:26 PM.
This article is more than 5 years old.
After 95 years in business in central Nova Scotia, Piercey’s hardware stores are being bought out by a big national chain.
Home improvement giant Rona is taking over the five Piercey’s stores in HRM. Before the buyout, Rona had one box store, which is located in Bayers Lake.
“Very well connected with the community, so we’ll get great advantages from that,” says Gordon Kennedy, Rona’s senior director of operations. “As well we get to have all the acess to the customers so we can build our customer base faster.”
He says Rona’s goal is to grow its market share from 17.5 per cent to more than 20 per cent by the end of next year.
Mount St. Vincent business professor Peter Mombourquette says the take over is a good move for the retail giant.
“They’re always looking to compete with Kent and Home Depot,” says Mombourquette. “I just think this is going to, in some locations, give them an established customer base, and in some locations give them an established storefront.”
The transaction is expected to close next week.
