VANCOUVER, BC (September 21, 2011) Clearlease Financial Reports Walmart Canada will spruce up stores that could compete directly with those that arch-rival Target Corp plans for Canada, but there will be no big strategic change to deal with a new competitor, chief executive David Cheesewright said on Tuesday Sept 20, 2011.
Cheesewright, who heads the Canadian operations of Wal-Mart Stores Inc , told Reuters that the retailer had not seen consumer confidence dip as dramatically as it did in 2008.
But confidence is not improving, with sales peaking markedly as paychecks arrived and falling at month-end. Customers are seeking out cheaper products amid doubts about the global economy, he said in an interview.
“It’s tough but stable, and people are looking for value,” Cheesewright said. “That hasn’t changed much over the last 18 months, and I’m not sure I see it changing much over the foreseeable
future.”
Wal-Mart, the world’s biggest retailer, already operates more than 300 Canadian stores, or more than double the number that Target plans to open here from 2013.
“The Canadian market is incredibly competitive anyway. I’ve worked in Europe, I have a lot of experience in the U.S., and it’s one of the most competitive markets I’ve seen,” said Cheesewright, citing Shoppers Drug Mart , Loblaw Co’s No Frills and Canadian Tire in particular.
Discount retailer Target is one of a number of U.S. retailers that are entering Canada or expanding their presence, forcing existing retailers to cut their prices.
In June, Target said it would transfer leasehold interests in up to 39 stores to Walmart, and Cheesewright said more information on that deal will be out soon.
He said Walmart will not slow its supercenter expansion in Canada, continuing with 35 to 40 conversions to supercenters a year, as well as opening “a few” new stores.
Walmart Canada prides itself on green initiatives launched in recent years, including targets to reduce packaging and an environmental demonstration store west of Toronto that uses geothermal heating and cooling.
“People are pretty suspicious of big companies, and they don’t necessarily like big companies,” said Cheesewright. But on green initiatives “our size is an advantage,” he added.
“When we make a change, it makes a difference in a way that not many other organizations can claim to do.”
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