Canada: Walmart spend to stay ahead of Target
U.S. discount retailer Target said last month it will open its first 24 Canadian stores in Ontario in March or early April of 2013, sparking fears of increased pressure on retailers' margins.
Walmart Canada, which already operates 333 stores in the country, plans to add 4.6 million square feet of retail space to its operations in the next year, the company said in a statement on Tuesday.
The 73 projects will include building new stores and expanding, remodelling or relocating existing stores, it said.
More than half of the projects will be part of the company's program on supercentres - Wal-Mart stores with the addition of full-service supermarkets - and the rest will be discount stores.
Mississauga, Ontario-based Walmart Canada already runs 164 supercentres, and more and more U.S. retailers such as Nordstrom Inc and Kohl's Corp are turning to Canada.
Source: www.reuters.com
