Walmart acquires Target Canada Locations
Walmart Canada reached an agreement to acquire one distribution center, a dozen store leases and one owned property, once help by Target Canada.
The acquisition is anticipated to cost Walmart $136 million.
Walmart officials are planning to invest another $153 million to renovate the 13 newly acquired stores and distribution center. The 13 new stores will add approximately 1.6 million square feet of retail space, while the distribution center will add 1.4 million square feet of distribution space.
The mass retailer will hire roughly 3,400 new associates in British Columbia, Manitoba, Ontario and Quebec. The renovation project is anticipated to create roughly 1,500 trade and construction jobs.
Earlier this year, Target officials announced the company would shutter its operations in Canada. This was the company’s first attempt at expanding beyond the US. Representatives from Walmart unveiled its expansion plans earlier this year too, which include spending roughly $280 million on 29 supercenter projects throughout Canada. Walmart Canada currently has 395 stores.
Work on the newly acquired locations is anticipated to begin in the next few months.