Wal-Mart Canada is about to expand its already considerable footprint in this country, with the addition of 40 new supercentres.
The massive retail outlets offer both groceries and the general merchandise Wal-Mart has become known for, ranging from tires to tools and clothing.
The new stores will be created through a combination of renovations of existing stores, relocations and the construction of new stores.
The $500-million investment will see the supercentres expand into Manitoba and Quebec, though no other details have been released about where the news stores will be located.
It comes on the heels of an announcement from U.S. discount retailer Target earlier this month that it is purchasing 220 Zellers stores from the Hudson's Bay Company and will eventually open 100 to 150 Target stores in Canada.
BNN's Michael Kane said the strong investor interest indicates the Canadian economy is starting to get noticed by outside investors.
And unlike other companies such as home improvement retailer Lowe's, which first tested the Canadian waters by opening one store, Wal-Mart and Target are jumping in with both feet.
"With this announcement that they're going to open 40 new supercentres, we're getting a retail turf war being played out between Wal-Mart and Target," Kane said.
"So obviously the Canadian economy being in relatively good shape is relatively attractive for these big American companies and we believe that's why they're expanding into this country."
Wal-Mart opened its first supercentre in Ontario in 2006.
At the end of February the company will have 325 stores in Canada -- 124 of which will be supercentres.
Wal-Mart said the expansion could result in as many as 9,200 jobs in retail and construction.
