Wal-Mart Plans $450 Million Expansion In Canada

Wal-Mart Stores Inc's Canadian unit will expand its distribution network and open a handful of new stores in the coming fiscal year, as rival discounter Target Corp prepares to open its first stores in the country this spring.

Wal-Mart's planned $450 million investment pales in comparison with the more than $750 million it earmarked for expansion in the current fiscal year, which wraps up at the end of January.

That said, it has been a particularly active year, thanks to Hudson's Bay Co's decision to mothball its discount banner Zellers. Target secured its first Canadian locations from HBC, and Wal-Mart took over 39 former Zellers outlets.

Wal-Mart said it expected to have about 388 Canadian locations by the end of January 2014, compared with 379 as of January 31, 2013, and 333 a year earlier. Target plans to open 124 stores in Canada, starting in March or April.

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