Wal-Mart Stores Inc (WMT.N) said it would invest about C$340 million ($269 million) this fiscal year to expand in Canada, lower than what it had budgeted for last year.
Wal-Mart's move comes less than a month after rival Target Corp (TGT.N) said it would exit Canada. Sears Holdings Corp (SHLD.O) last year lowered its stake in its Canadian operations to about 12 percent, after failing to find a buyer for its holding in the business.
Sales and margins at both Sears and Target have dwindled in Canada in the face of stiff competition from Wal-Mart.
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