Walmart will add more than 150 stores over the next year while also planning to remodel hundreds of existing ones nationwide.
Company Remodelling Over the Next Five Years
Walmart's U.S. division president and CEO, John Furner, announced plans for substantial million-dollar investments in labor, supplies, and tax revenue, aiming to benefit various communities and expand the company's reach to serve more customers in a news release.
The company plans to remodel 650 stores in 47 states and Puerto Rico over the next year, generating "tens of thousands of jobs."
Converting Smaller Locations into a Supercenter
Walmart plans to open 12 new stores in 2024 and convert a smaller location into a Walmart Supercenter, with initial stores anticipated to open in Florida and Georgia in spring, per a staff memo from The Wall Street Journal.
"Store of the Future" Concept
The new and renovated stores will embody Walmart's "Store of the Future" concept, showcasing enhanced layouts, broader product choices, and innovative technology, aiming to assist associates in better supporting customers to make shopping more convenient and enjoyable. "Customers love this concept in the places we've already rolled it out, and we're excited to transition more and more of our fleet," the company said.
Sam's Club Warehouses Opening Over 30 Stores
The company has over 4,600 stores nationwide, with nearly 600 Sam's Club warehouses. It is planning to open around 30 new stores. Walmart did not disclose how much the new stores will cost and where they will be located.
The big-box retailer is the largest private employer in the U.S., with approximately 1.6 million employees and around 90% of the U.S. population residing within 10 miles of a store. Despite increased competition from online giants such as Amazon and Shein and their focus on expanding online sales and the third-party marketplace, Walmart's expansion suggests a continued belief in their locations as a key part of the future.
Walmart is capitalizing on its comparative resilience compared to other retailers, who have suffered more due to consumers' reduced spending on non-essential items. Walmart has navigated inflation challenges more successfully and has drawn more affluent households to its stores, being the largest grocer in the country and a popular discount store.
12 New Store Projects in 2024
According to a post on the company's website, Walmart CEO John Furner announced plans to start 12 new store projects this year and convert a smaller location into a Walmart Supercenter. As mentioned by Furner, the move to open or expand locations is on top of the ongoing efforts to renovate other stores.
Furner mentioned that the upcoming stores will showcase Walmart's updated and modern look, being rolled out broadly as the "store of the future," which highlights a more sleek layout, focusing on fashion-forward apparel brands with incorporated technology like scannable QR codes, sharper signage, and energy-efficient lighting.
