Wal-Mart Canada takes on former Target stores
Wal-Mart expects to create 4,900 jobs in total
Wal-Mart Stores is to acquire 12 stores and one distribution centre previously operated by Target Canada as the US retail giant looks to invest CAD$350m (US$289.7m) in the country.
The company expects to create around 2,400 jobs in stores, 1,000 jobs in the distribution centre and 1,500 construction jobs as a result. The acquisition will also add approximately 1.6m sq ft of retail space and 1.4m sq ft of distribution space.
Work on the stores is expected to start within the next few months subject to all necessary approvals. Opening dates and details for each store will be confirmed over the coming months.
"Wal-Mart is committed to the Canadian market, and this agreement helps us accelerate our growth plans ensuring more Canadians have access to our low prices," said Dirk Van den Berghe, president and CEO of Wal-Mart Canada.
Walmart Canada currently operates 395 stores, consisting of 282 supercentres and 113 discount stores.
Target Corp shuttered its business in Canada earlier this year after a four-year foray during which struggled with inventory problems that left customers with empty shelves and higher-than-expected prices.
The announcement comes a month after Wal-Mart set out some of its plans to improve sales and market share, including more competitive apparel prices, better assortments, and "systematic" sourcing.
Click on the following link for further insight: Wal-Mart eyes lower prices, products and Primark.
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