Wal-Mart Stores plans to invest $340 million this year expanding its footprint in Canada. The plans have been scaled back from $500 million a year ago.
The retailer said about $230 million will be spent constructing 29 supercenters. The rest of the investment will go toward adding full grocery departments and expanding several other stores already operating there.
This announcement comes one month after competitor Target said it would exit Canada as it had failed to make its own business profitable in the two years it’s been there.
David Cheesewright CEO of Walmart International, said last week at the retailer’s Year Beginning Meetings, that the global investments are being slowed a bit as they work on reinforcing the foundation and increasing operational efficiencies in its mature markets.