The world's largest retailer announced plans Friday to open a store in East Vancouver in 2009.

Wal-Mart will take over an existing Costco store at Grandview Highway and Skeena Street. The company will refit the 11,418-square-metre space for its new store, which is expected to employ between 300 and 350 people.

The development of an existing site comes three years after the retailer tried and failed to open a new store on Southeast Marine Drive. After a controversial battle, city council rejected that plan.

"We are really thrilled to have found a way to serve Vancouver and do it by reusing an existing building," said company spokesperson Kevin Groh. "It's a creative solution to a really important market for us."

Community activist Louise Seto, however, does not share the company's enthusiasm.

"Unfortunately the big-box zoning down there [on Grandview Highway] has most of the market, so it impedes the development of neighbourhood shopping," she said.

Seto said she fears this is Wal-Mart's way of getting into the Vancouver market. She said it's just a matter of time before the retail giant takes another shot at developing the massive property it owns along Southeast Marine Drive, which it lost its bid to develop back in 2005.

Groh admitted the company still plans to set up shop there in the future.

"We'll walk through that door when the time is right and we think we have a really solid proposal," he said.