Wal-Mart to invest over $750 million in Canadian expansion
08 Feb 2012
Wal-Mart Stores' Canadian unit yesterday said that it would invest more than $750 million in 73 projects this year, as the world's biggest retailer aims to maintain its lead over its competitors.
Wal-Mart Canada, which began operations in the country in 1994 with the acquisition of the Woolco Canada chain of 122 stores, plans to add 4.6 million square feet of retail space and 14,000 jobs to its operations in the next twelve months, the company said in a statement.
Wal-Mart Canada, which currently operates 329 stores in the country, will invest more than $750 million in 73 projects in the next one year, including converting 39 former Zellers stores into Wal-Marts, building new stores and expanding, remodelling or relocating existing stores.
Wal-Mart said more than half of the expansion projects will be part of the company's Supercentre program while the remaining projects will be discount stores.
Following yesterday's announcement, Wal-Mart Canada is expected to have over 375 stores by the end of January 2013.
''This is an exciting year for Wal-Mart Canada. We are proud of our 18-year record of growth, and of the investment we make in the Canadian economy. As the country's fastest growing retailer, every year we create thousands of new jobs, spend billions of dollars with Canadian suppliers, and invest millions in Canadian communities,'' said Shelley Broader, president and chief executive of Wal-Mart Canada.
