Wal-Mart Canada to spend more than $750M this year on new, remodelled stores

MISSISSAUGA, Ont. - Wal-Mart Canada said it plans to spend more than $750 million this year to open, relocate or remodel 73 retail stores, including former Zellers locations.

The world's biggest retailer said the initiative will create more than 14,000 jobs when factoring in store employees, as well as trade and construction jobs.

Included on the list of stores are 39 former Zellers locations that Walmart purchased last year.

The move comes as competition on the Canadian retail market heats up with the entry of fellow discount retailer Target next year.

The company plans to open 125 to 135 stores.

Target has purchased the leasehold interests of 189 sites currently operated by Zellers Inc. and it said about $10 million to $11 million will be invested to remodel each facility.