CANADA: Wal-Mart to invest CAD500m in expansion
Wal-Mart plans to expand its capabilities in Canada
US retail giant Wal-Mart will invest "close to" CAD500m (US$452.4m) this year to drive growth in Canada.
The company said it will enlarge its supercentre and distribution network as well as expanding its e-commerce offering, walmart.ca.
During fiscal 2013, which ran to the end of January, the company invested around a similar amount - US$450m - on expanding in Canada.
This year, it will spend CAD91m on distribution projects, while a further CAD31m will be spent on e-commerce.
The bulk of the investment - CAD376m - will be spent on opening and upgrading Wal-Mart's store network. Wal-Mart said it will open 35 supercentres, increasing selling space in the country by 1m square feet.
By the end of January 2015 - the group's next financial year - Wal-Mart said it expects to operate 395 stores, including 282 supercentres and 113 discount outlets in Canada.
The move will create 7,500 jobs in the country, Wal-Mart claimed.
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