Walmart Canada To Open 40 More Supercenters By January 2012

The Canadian arm of retail giant Wal-Mart Stores Inc. (WMT) will open 40 supercenter-format stores over the next fiscal year, investing more than C$500 million to build new sites and expand, remodel or relocate existing stores across the country.

The retailer said specific locations will be announced over the coming weeks, but confirmed it will bring its supercenters concept to two new provinces this year - Manitoba and Quebec. It launched its first supercenter in Ontario in 2006 and already has supercenters in Alberta, British Columbia and Saksatchewan.

The company's plan to open 40 supercentres by Jan. 31, 2012, the end of its next fiscal year, is expected to result in more than 9,200 store and construction jobs. The large-store format offers a full range of groceries and general merchandise in one location.

Walmart Canada expects to have 333 stores by the end of January 2012, including 164 supercenters.

The move comes on the heels of rival Target Corp.'s (TGT) announcement earlier this month that it will expand into Canada and Monday's news that RioCan REIT (REI.UN.T) and Tanger Factory Outlet Centers Inc. (SKT) plan to create outlet shopping centers in Canada. A number of other large U.S. retailers are also reportedly eyeing expansion into Canada, including Kohl's Corp. (KSS) and J. Crew Group Inc. (JCG).

-By Judy McKinnon, Dow Jones Newswires; 416-306-2100; [e-mail]