Walmart investing $500 million in Canada

New York City -- Walmart Canada, a unit of Wal-Mart Stores, will invest approximately $500 million on expansion its upcoming fiscal year, which runs from Feb. 1, 2011 to Jan. 31, 2012. The discounter plans to open new supercenters, as well as expand, relocate and remodel existing stores.



Although Walmart Canada did not disclose exact locations, it did reveal that it will enter two new new markets this year: the provinces of Quebec and Manitoba.



The expansion will bring the chain's presence in Canada to 333 locations (164 supercenters, 169 discount stores) by the end of January 2012.



Walmart Canada's announced expansion comes on the heels of Target Corp.'s announcement that it will enter the canadian market via its purchase of Zellers.