Wal-Mart to invest $500 million in Canada, create 7,500 jobs
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[February 05, 2014]
(Reuters) — Wal-Mart Stores Inc said on Tuesday it would invest
about $500 million this year to strengthen its presence in Canada,
creating more than 7,500 jobs including construction.
The investments include more than $376 million for store projects,
$91 million for distribution networks to expand fresh food
capability and $31 million for e-commerce projects.
Wal-Mart's expansion plans comes a week after Target Corp said it
would open nine new stores across Canada, adding to the 124 it
opened last year.
Over the past year U.S. retailers such as Wal-Mart and Target have
expanded in Canada, posing a threat to local retailers such as
Loblaw Cos Ltd, the country's largest grocer, and Empire Co Ltd's
Sobeys grocery chain.
Wal-Mart said on Tuesday it planned to complete 35 supercenter
projects in Canada by January 31, 2015, adding 1 million square
feet of retail space.
Wal-Mart's store count in Canada will rise to 395 by the end of
January 2015, including 282 supercenters and 113 discount stores,
the retailer said.
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The locations of stores and distribution center projects will be
announced later, the company said.
(Reporting by Ashutosh Pandey in
Bangalore; editing by Savio D'Souza)
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