Wal-Mart to spend more than US$750M in Canada in next 12 months on building, renovating, relocating stores in advance of Target's 2013 entry into the market
February 7, 2012
– Wal-Mart Stores Inc. will spend more than US$750 million on 73 projects in Canada in the next 12 months in preparation for Target Corp.'s entry into the Canadian market next year, Reuters reported Feb. 7.
Walmart Canada said it would add 4.6 million square feet of retail space by building new stores or expanding existing ones. It also planned to relocate some stores.
More than half of the projects will involve the company's supercenters, with the rest being discount stores.
Wal-Mart operates 333 stores in the country, including 164 supercenters.
The primary source of this article is Reuters, London, England, on Feb. 7, 2012.