Walmart Takes Over Former Target Locations in Canada

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Walmart takes over former Target locations in Canada

May 8, 2015

Walmart Canada has reached agreements to acquire one distribution center, 12 store leases and one owned property formerly held by Target Canada, for an aggregate of approximately $136 million.

Walmart expects to invest a further approximately $153 million to renovate the 13 stores and distribution center, bringing Walmart’s total investment to approximately $289 million. Work on all locations is expected to start within the next few months subject to all necessary approvals. Grand opening dates and specific details for each location will be confirmed over the coming months.

“Walmart is committed to the Canadian market, and this agreement helps us accelerate our growth plans ensuring more Canadians have access to our low prices,” Dirk Van den Berghe, president and chief executive officer of Walmart Canada, said in a press release. “The 13 stores acquired are well situated, and we are excited to bring Walmart’s successful Supercentre offer to customers in these markets. We have served millions of loyal customers, and look forward to continuing to serve them through our stores and growing e-commerce business.”

Walmart plans to hire approximately 3,400 new associates in British Columbia, Manitoba, Ontario and Quebec, and these projects are expected to generate approximately 1,500 trade and construction jobs.

The acquisition of these 13 retail locations, one distribution centre and the investment commitment of approximately $289 million are in addition to the 29 supercenter projects announced Feb. 11 of this year. The previous announcement covered an investment of $281 million for supercenters, expansion of its existing distribution network and e-commerce projects, bringing Walmart’s total investment to approximately $570 million.

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