Wal-Mart Canada to spend $750 Million to expand and update facilities in Canada.
Wal-Mart Canada, which currently operates 333 stores across the country, is planning on 73 new projects to expand/update, relocate or create new centres, more than half of them supercentres with full service foodmarts.
These projects will add 4.6 million square feet to Wall-Mart's operations in the next year. These moves should create 14,000 new jobs over the next year.
With Target scheduled to open 24 stores in Ontario by April of 2013 and other U.S. retail giants like Kohl's and Nordstrom eyeing expansion into Canada, this looks like a move to cement Wal-Mart's standing in Canada.
Chris Smith CSSBB
Chay Realty Inc., Brokerage