Wal-Mart Opening 35 to 40 Canada Supercenters in 2010

Wal-Mart Opening 35 to 40 Canada Supercenters in 2010

By Tian Huang

Feb. 23 (Bloomberg) -- Wal-Mart Stores Inc., the world’s largest retailer, said it plans to open 35 to 40 supercenters in Canada in 2010.

The projects, which entail creating new stores and relocating existing ones, will cost just under C$500 million ($473.2 million) and generate about 6,500 store and construction jobs, the Bentonville, Arkansas-based company said today in a statement. Specific store locations were not disclosed.

The expansion will bring Wal-Mart’s presence in Canada to as many as 325 stores by the year’s end from the current 317 stores. Wal-Mart closed six Canadian Sam’s Club warehouse stores in March to focus on the supercenter format, Andrew Pelletier, a spokesman, said today by telephone.

Wal-Mart is also investing C$115 million in a sustainable, refrigerated distribution center in Balzac, Alberta. The retailer said today it expects the center, which will create 1,400 jobs, to open in the fall.

Wal-Mart fell 21 cents to $53.62 at 4 p.m. in New York Stock Exchange composite trading. The shares dropped 4.7 percent last year.