Dollarama Inc has expanded its expansion efforts and might increase the total number of new stores to 70 this year.

Montreal-based Dollarama has speeded up its expansion efforts in order to take the advantage of a mall construction boom in Canada. The company has said that it is expecting to open 65 to 70 stores in the country in the financial year till 31 January 2013, compared to an earlier prediction of 55 to 60 stores. The company had opened a total of 52 net new locations in the previous year.

Chief Executive Officer Larry Rossy said, "It seems we're getting more opportunities, there's more construction in Canada, more big boxes being built across Canada, particularly in Western Canada, but even in Ontario."

Rossy said that the company is aiming to expand its 735 stores and mostly in malls in the western part of the country. Dollarama competes with the likes of Dollar Tree, which is an American firm that recently acquired 86 stores from Vancouver-based Dollar Giant.

Shares of Dollarama closed at $ 58.97 Wednesday, up 0.6 percent on the TSE.