REMI

Walmart Canada to buy 13 former Target sites

Friday, May 8, 2015

Walmart Canada plans to invest $350 million to acquire and renovate 13 former Target Canada locations and one distribution centre.

The sites, located in Ontario, British Columbia, Manitoba and Quebec, are expected to add about 1.6 million square feet of retail space and 1.4 million square feet of distribution space, while employing 3,400 new associates.

Work will begin within the next few months, with opening dates and specific details unfolding soon after.

“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,” said Dirk Van den Berghe, president and chief executive officer of Walmart Canada. “The 13 stores acquired are well situated, and we are excited to bring Walmart’s successful supercentre offer to customers in these markets.”

The acquisition is in addition to the 29 supercentre projects announced on February 11, which includes plans to expand seven stores and open two new ones, with 20 stores being converted into supercenters with a grocery section.