Wal-Mart Buying 13 Former Target Stores in Canada
By Erik DeFruscio
Wal-Mart Stores Inc. said it would acquire more retail and distribution space in Canada from Target Corp. This announcement comes a few months after Target revealed plans to exit out of its money-losing operations in the country.
The retailer will spend about $136 million for 12 leases and one owned property, and a further $153 million on renovations, bringing total investments to about $289 million.
Wal-Mart expects renovations to start in a few months, hiring 1,500 trade and construction workers to begin the operation. The company also plans to hire 2,400 people to set up staff and 1,000 for the distribution center.
One of the stores is in Winnipeg and the others are in British Columbia, Ontario and Quebec.
