Tags

, , , , , ,

Walmart in big Canada expansion ahead of Target

Reuters – Feb. 7, 2012
  • Discounter to complete 73 projects in year starting Feb
  • Wal-Mart to add 4.6 mln sq ft of retail space in Canada
  • U.S.-based company will focus spending on supercenters
  • Spending to come ahead of Target’s 2013 Canadian debut

Wal-Mart Stores Inc’s Canadian unit will remodel or open 73 stores this year in its most ambitious expansion plan ever, aiming to stay ahead in a retail market that will grow more competitive with Target Corp’s 2013 debut.

The world’s largest retailer said on Tuesday it would invest more than $750 million in the program. The money will go in part toward the coversion of most of the 39 former Zellers locations that Wal-Mart picked up from Target.

Wal-Mart’s rival – the No. 2 U.S. discounter – had purchased dozens of Zellers leases from Hudson’s Bay Co in preparation for its Canadian entry, now set for early 2013. Target then sold off some leases for stores in unwanted locations.

Walmart Canada unveils $750M plan to take on rivals

Toronto Sun – Feb. 7, 2012

Wal-Mart Stores Inc’s Canadian unit will remodel or open 73 stores this year in its most ambitious expansion plan ever, aiming to stay ahead in a retail market that will grow more competitive with Target Corp’s 2013 debut.

The world’s largest retailer said on Tuesday it would invest more than $750 million in the program. The money will go in part toward the coversion of most of the 39 former Zellers locations that Wal-Mart picked up from Target.

Advertisements