According to a statement from Walmart Stores Inc., the mega retailer is set on purchasing several store leases and other assets formerly held by the Canadian arm of Target for about $350 million.
Earlier this year, Walmart laid out a plan of investing about $340 million into enhancing its Canadian presence. The more recent take over of Target properties by Walmart includes a distribution centre, 12 store leases and an owned property for $165 million. Walmart is also planning to renovate the acquired properties, which would amount to about $185 million.
The takeover is forecasted to generate about 1,500 trade and construction jobs across the country as well as 3,400 associate position in British Columbia, Manitoba, Ontario, and Quebec.
Other Canadian retailers that have shown interest in Target’s properties include Hudson’s Bay and Metro. CJ
