• Walmart expects to invest approximately C$350m to acquire and renovate 13 former Target Canada locations and one distribution centre
• The acquisition will add approximately 1.6 million square feet of retail space and 1.4 million square feet of distribution space
• The new stores and distribution centre will generate approximately 2,400 jobs in stores, 1,000 jobs in the distribution centre and 1,500 construction jobs

MISSISSAUGA, Ontario -- (Business Wire)

Walmart Canada has reached agreements to acquire one distribution centre, 12 store leases and one owned property formerly held by Target Canada, for an aggregate of approximately C$165m. The transactions are subject to the approval of the court in accordance with Target Canada's Companies' Creditors Arrangement Act proceedings and certain other customary conditions.

Walmart expects to invest a further approximately C$185m to renovate the 13 stores and distribution centre bringing Walmart’s total investment to approximately C$350m. Work on all locations is expected to start within the next few months subject to all necessary approvals. Grand opening dates and specific details for each location will be confirmed over the coming months.

“Walmart is committed to the Canadian market, and this agreement helps us accelerate our growth plans ensuring more Canadians have access to our low prices,” said Dirk Van den Berghe, President and CEO of Walmart Canada. “The 13 stores acquired are well situated, and we are excited to bring Walmart’s successful Supercentre offer to customers in these markets. We have served millions of loyal customers, and look forward to continuing to serve them through our stores and growing e-commerce business.”

Walmart plans to hire approximately 3,400 new associates in British Columbia, Manitoba, Ontario and Quebec and these projects are expected to generate approximately 1,500 trade and construction jobs.

The acquisition of these 13 retail locations, one distribution centre and the investment commitment of approximately C$350m are in addition to the 29 Supercentre projects announced on February 11 of this year. The previous announcement covered an investment of C$340m for supercentres, expansion of our existing distribution network and e-commerce projects, bringing Walmart’s total investment to approximately C$690m.

About Walmart Canada

Walmart Canada currently operates 395 stores nationwide, consisting of 282 supercentres and 113 discount stores serving more than 1.2 million customers each day. In addition to its stores, Walmart Canada’s e-commerce website -- walmart.ca -- is visited by more than 450,000 customers daily. With more than 95,000 associates, Walmart Canada is one of the country’s largest employers and has been ranked one of Canada’s top 10 most influential brands four years in a row. Walmart Canada’s philanthropy program is focused on helping Canadian families in need, and since 1994 Walmart has donated and raised more than $200 million to Canadian charities. Additional company information can be found at walmartcanada.ca, facebook.com/walmartcanada and at http://www.twitter.com/@walmartcanada.

Contacts:

Walmart Canada
Alex Roberton, 416-526-0981
Director of Corporate Affairs
corporateaffairscanada@walmart.com
or
Wal-Mart Stores, Inc.
Carol Schumacher, 479-277-1498
Vice President of Investor Relations
Carol.Schumacher@walmart.com

Source: Walmart Canada