by Christopher Freeburn | February 4, 2014 11:38 am
The world’s largest retailer is looking to expand its reach in Canada.
Walmart (WMT) says it will spend $376 million to build new stores, adding 35 Walmart supercenter stores in Canada by January 2015. Walmart also indicated that it would invest $31 million in Canadian e-commerce projects and $91 million in fresh food distribution systems in Canada, Reuters noted.
The investment is expected to created 7,500 new jobs in Canada. Walmart plans to add 1 million square feet of new retail space in Canada, raising the number of Walmart locations north of the U.S. border to 395 by January 2015.
Walmart isn’t the only U.S. retailer looking to extend its reach into Canada. Target (TGT) recent announced plans to launch nine stores in Canada.
In October, Walmart bought out its partner in a wholesale store chain joint venture in India. The Indian joint venture had been hit with allegations of bribery.
WMT stock was flat in Tuesday morning trading. WMT stock has risen about 5% over the past year.
Source URL: http://investorplace.com/2014/02/walmart-makes-500m-expansion-bet-canada/
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