Walmart to spend $500 million on Canadian expansion

Walmart (NYSE:WMT) plans to spend approximately $500 million this year to grow its business in Canada, building 35 supercenter stores and creating more than 7,500 jobs in the country over the next year.

Walmart Canada will spend $376 million on building supercenters, and another $91 million to expand its distribution network to support the growing number of stores. The company will also invest $31 million for e-commerce projects for its online unit, Walmart.ca.

Walmart hasn't revealed where the new stores will be located, but said it plans to announce them later. Today's announcement will bring Walmart Canada's store count to 395 by the end of January 2015, including 282 supercentres and 113 discount stores.

Walmart shared the news about its Canadian expansion just one week after Target said it, too, would be increasing its store count there. Target will open nine new stores north of the border by the end of the year, adding to the 124 opened in 2013.

For more:
-See this Walmart Canada press release

Related stories:
Walmart Canada to enter e-commerce food battle
Walmart: Fourth-quarter sales will be worse than we thought
Target forges ahead with Canadian expansion despite hiccups
Target to open 33 more Canadian stores in November
Target opening 23 more Canadian stores

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