Wal-Mart spends $453 million in Canada amid Target competition
Posted: January 22, 2013 at 7:37 a.m.
Updated: January 22, 2013 at 8:01 a.m.
Wal-Mart Stores Inc., the world’s largest retailer, said its Canadian division plans to spend at least $453 million building new outlets and renovating existing stores.
The unit will complete at least 37 superstores in the year through January 2014, and will increase its distribution network, the Bentonville-based company said Tuesday in an online statement.
Wal-Mart is bolstering its presence in Canada and working to attract and retain customers as Target expands outside the U.S. for the first time. Walmart Canada expects to end the month with 379 locations, including 209 superstores, while Target plans to open 125 sites in Canada this year.
Full grocery sections will be added to more locations across Canada, Shelley Broader, chief executive officer of Walmart Canada, said in the statement. The company also will introduce its supercenter format to locations in Canada’s Maritimes provinces this year.