Wal-Mart Stores Inc will invest about C$500 million ($452.35 million) this year to expand in Canada, the world's largest retailer said on Tuesday, news that hit shares of its Canadian rivals.
Wal-Mart said its expansion plans will create more than 7,500 jobs including construction. A week ago, Target Corp said it would open nine new stores across Canada, adding to the 124 it opened last year.
Over the past year U.S. retailers such as Wal-Mart and Target have expanded in Canada, posing a threat to local retailers such as Loblaw Cos Ltd, the country's largest grocer, and Canadian Tire, an automotive, leisure and home goods chain.
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