Walmart (NYSE`WMT) is making changes to its Canadian operations.
The world’s largest chain of retail stores says it is investing $500 million in its Canadian operations this year to upgrade and refurbish more than half of its stores across the country. Walmart also announced that it is closing six underperforming stores in Canada.
Walmart plans to modernize and improve roughly 60% of its Canadian stores with new lighting, exterior signage and by adding areas to facilitate e-commerce sales. The investment is part of a five-year $3.5-billion spending plan that Walmart announced last July for its Canadian business.
Part of that investment includes the construction of new distribution centres in Canada. Walmart has more than 400 stores throughout Canada and says the store improvements will create more than 2,000 construction jobs.
Six of the retailer’s stores will be closed after Walmart “evaluated its store network to meet customer needs”. Half of the store closures will occur in Ontario (Mississauga, Hamilton and Kitchener). The other closures will occur in Calgary, Edmonton, and St. John’s, Newfoundland. Walmart said all affected employees will be offered jobs at nearby Walmart locations.