Bentonville-based Walmart is spending $34 million to acquire Monroeville Mall located in the Pittsburgh, Pa., metro. The global retailer is also selling its Canadian trucking fleet to Canada Cartage. Terms of that deal were not disclosed.
Walmart confirmed the mall purchase, saying “it is very interested in being part of any future redevelopment of this site.” Walmart declined to share any specific plans it has for the mall.
CBL Properties sold the mall to Walmart in late January. Mall tenants include: Macy’s, JCPenney, Claire’s, Victoria’s Secret, American Eagle, and Dick’s Sporting Goods. The mall is located on an 186-acre site and includes 1.15 million square feet of retail space. It was valued at $231 million in 2004 when CBL acquired the property.
Walmart is working with a Dallas-based real estate development firm Cypress Equities to transform the shopping complex into a new retail and commercial destination. Chris Maguire, CEO of Cypress Equities, said all options — including partial or full demolition — are on the table as the partners seek to determine the highest and best use for the commercial property. He said it will likely become mixed-use space that includes retail, food, entertainment, hospitality, and even residential.
Cypress has built about 25 stores for Walmart and was involved in the sale of eight Neighborhood Market stores in 2017. Cypress is taking over the mall management for Walmart.
Walmart plans to build more than 150 stores over the next five years, including some conversions from a smaller to a larger format store. The company expects to open 12 U.S. stores this year in growth areas. Walmart will remodel about 650 stores this year, and Sam’s Club is adding 30 U.S. locations by 2030.
FLEET SALE
Walmart Canada’s fleet business ships deliveries from distribution centers to over 400 stores across the country, according to Scott Lane, president of Canada Cartage. He said Canada Cartage will operate the fleet as a dedicated operation, with all Walmart fleet employees offered employment at their existing wages and comparable benefits.
“Our acquisition of Walmart Fleet reflects our commitment to expanding our network and bringing dedicated fleet transportation solutions to more customers across Canada,” Lane said. “This move positions us for long-term growth while providing the talented employees joining us from Walmart Fleet with more opportunities to develop long-term careers and thrive in a fleet-focused environment.”
Canada Cartage has operated for 110 years providing fleet services, such as DC-to-store network deliveries, to Canadian retailers, grocers, manufacturers, and distributors.
News of the fleet sale comes as part of Walmart’s announcement to invest $6.5 billion into its Canadian business over the next five years. Walmart will open five new supercenters in Alberta and Ontario by 2027, and a new advanced distribution center will open this spring.
The sale of the Canadian fleet comes nearly a year after Walmart sold its intermodal assets to J.B. Hunt Transport Services in February 2024.