Wal-Mart's move comes less than a month after
rival Target Corp <TGT.N> said it would exit Canada. Sears
Holdings Corp <SHLD.O> last year lowered its stake in its
Canadian operations to about 12 percent, after failing to find a
buyer for its holding in the business.
Sales and margins at both Sears and Target have dwindled in
Canada in the face of stiff competition from Wal-Mart.
Wal-Mart said on Wednesday it would spend about C$230 million of
the planned investment to complete 29 supercenters, including
the expansion of several stores to add full grocery departments.
The company is also spending to expand its distribution network
and its website, walmart.ca.
Wal-Mart had planed to spend C$500 million in Canada in the last
fiscal year.
The newly announced supercenters, which are Wal-Mart stores with
the addition of full-service supermarkets, will boost its
supercenter count in Canada to 309 by the year ending January
2016.
(Reporting by Swetha Gopinath in Bengaluru; Editing by Saumyadeb
Chakrabarty)
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