The Canadian arm of U.S. retail giant Wal-Mart Stores Inc. (WMT)
said Tuesday it will invest 450 million Canadian dollars ($453
million) to expand over the next fiscal year, as retailers continue
to gird for the arrival of discount retailer Target Corp. (TGT) in
Canada next month.
Walmart Canada said it will complete a minimum of 37 supercenter
projects over its fiscal year ending Jan. 31, 2014, and will expand
its distribution network.
The expansion is expected to create more than 7,000 store, trade
and construction jobs, it said.
The retail giant said it will have 379 Canadian stores as of the
end of this month, including 209 supercenters, which offer a wide
range of products from apparel, home decor and groceries and offer
specialty services such as pharmacies and garden centers. By the
end of January 2014, it said it will have 388 stores.
The first Target stores are set to open in Canada this spring
and the retailer has plans to open 125 to 135 stores in 2013 and
2014.
Walmart Canada, which has operated in Canada for years, isn't
the only retailer north of the border preparing for Target's
arrival. Canadian Tire Corp. (CTC.T), one of the country's biggest
and best-known retailers, recently overhauled its executive ranks
to cut costs and make its corporate structure operate more
efficiently. Sears Canada Inc. (SCC.T), another big Canadian
retailer, also recently announced strategic alliances with
designers to revitalize certain of its private-label footwear and
clothing brands.
Write to Judy McKinnon at judy.mckinnon@dowjones.com
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