Canadian Tire has been around since 1909. It has a rich and colourful history, and it has become one of the most iconic brands in Canada. Today, we will explore its contributions to pop culture and also try to understand why it has stood the test of time.
Financial Services
Aside from manufacturing tires, the company also built the Canadian Tire Bank. It is a bank that issues credit cards, and they also take deposits. Because the bank was successful, The Bank of Nova Scotia acquired 20% of its shares. The bank is a favoured one in Canada. It is known for its no-fee credit card line. The bank also offers a high-interest rate if you make a deposit. There is no minimum balance that you have to meet, and there are also no monthly fees.
A Long History of Retail
The Canadian Tire Company was incorporated in 1927. Because of its unparalleled dedication to service and quality of products, it has grown its business to 1,700 stores. They also have gas bars. Over a long period of time, they have acquired several companies, all of which were good investments. As such, their name today is not just associated with tires, but with other things, too.
Here are some of their other businesses:
- Automotive stores – they own an automotive parts business that has 91 retail stores in several Canadian provinces like Nova Scotia, Manitoba and Saskatchewan. Not all of these are company-owned, as some are part of a franchise.
- Clothing stores – back in 2001, the company acquired Marl’s Work Warehouse. It is a big retailer of clothing for casual and workwear. This line has stand-alone stores, and some are also found within Canadian Tire stores.
- Sporting goods – in 2011, the company purchased Forzani Group. This is a sporting goods company that operated several brands of sporting goods. These brands include SportsCheck, Intersport, National Sports, and many more. As such, Canadian Tire has made its mark in the sports industry.
As you can see, what once used to be a tire manufacturing company is now a big conglomerate of businesses in different industries. These business acquisitions are one of the reasons that Canadian Tire is now one of the most iconic corporations in Canada.
Advertising Efforts
The third reason for the success of Canadian Tire is advertising. They maintained several storylines and marketing tactics that worked for them for many years. For many years, Canadian Tire used Santa Claus and Ebenezer Scrooge for their ad campaigns during the holidays. In these ads, they showed the viewers that the holiday season is one of the best times of the year to shop their products. The same way online casinos, for instance, advertise online slots Canada as the best way to spend cold winter evenings.
Then, for eight years, between 1997 and 2005, the company used the Canadian Tire Couple ad segment. In these ads, the couple showed new products to their neighbours, making it known that what Canadian Tire sells is a tool that everybody needs. The couple was even featured as an annoying couple.
In 2013, they shifted to a new focus, and they promoted the MasterCraft Eliminator Ultra. It is a car battery that is boasted to be highly functional and durable even under extreme cold. Here, they managed to tie up with General Motors, and they featured a GMC Sierra pick-up truck. What made the ad so good was that the body of the truck was made from ice.
The company does not cease to amaze viewers. They know how to market themselves, and people who have never heard of them before are in for a surprise. What happens next is that the viewer remembers the brand logo like you remember the title of your favourite game, for example, the Break Away slot: it just sticks to the head.
Summary
Canadian Tire, as it stands today, is more than just a tire manufacturing company. It is known in the retail industry for its automotive parts, sporting goods, financial services and clothing. Its marketing moves are carefully thought of, and it made its mark for good when it sponsored a racing event in the 1980s.
Canadian Tire is here to stay. As a publicly-traded company, it is valued at over $10 billion. It has been around for more than a century, and the leaders of the company surely know how to make the company work. They also understand how to keep up with the times, and they are not afraid to try new things, even if the industry is not really within their realm of expertise.
