NEW YORK, N.Y. – In a May 8 story about Wal-Mart buying 14 former Target stores in Canada, The Associated Press reported erroneously that Wal-Mart is the largest retailer by revenue in Canada. The largest is George Weston Ltd., which operates such chains as Loblaw Cos. and Shoppers Drug Mart, according to the Centre for the Study of Commercial Activity, Ryerson University in Toronto. The information first appeared in a Jan. 15 story.
A corrected version of the story is below:
Wal-Mart targets one-time Target stores in Canada
On the heels of a Target withdrawal from Canada, Wal-Mart buys 14 former Target properties
Wal-Mart wasted little time in occupying space once occupied by Target after its rival retreated back to the U.S.
The company is buying 13 former Target stores and one distribution centre and said it will hire 3,400 new employees. It is spending $290 million to buy and renovate the stores and said that will created 1,500 construction jobs.
Target Corp. closed the last of its 133 Canadian stores in April after a rough two-year venture into the country. It laid off more than 17,000 people and took more than $5 billion in charges.
A number of retailers have struggled in Canada because of regulatory pressures and competition from Wal-Mart and others. Big Lots Inc. and Best Buy Co. have both closed stores in Canada. Sony Corp. closed all of its 14 stores.
Sears sold most of its stake in its Canadian unit, but asked former Target employees in January to apply for jobs at Sears Canada Inc.
Wal-Mart Stores Inc. has 395 Canadian stores and has expanded further on Target’s withdrawal.
Wal-Mart reported $485.7 billion in total revenue in its last fiscal year and about one-quarter of that total came from Wal-Mart’s international business. Canada is its fifth-largest market outside the U.S. in terms of stores.