Walmart, the world’s largest retailer, plans to open 150 new stores over the next five years, including converting some smaller stores into supercenters, the company announced Wednesday.
The Bentonville, Ark.-based retailer will “reshape the layout” of 650 stores over the next 12 months as part of a $500 million investment announced last year to modernize the major chain’s 4,700 U.S. locations. It was announced that it would be renovated and improved.
Walmart’s investment in brick-and-mortar stores marks a turning point since the company began slowing new store openings in 2016 to compete with online giant Amazon, The Wall Street Journal reported.
“Walmart has gained significant market share over the past few years, especially as inflation has increased and they have acquired higher-end customers,” said Brian Yarbrough, an analyst at Edward Jones.
Since opening new stores in 2021, the company has added stores in Miami, Ceres, California, and Yaphank, New York, a spokesperson told The Post on Wednesday.
In-store shopping is making a comeback despite a spate of store closures in major cities, including Target’s headline-grabbing announcement in September that it would close nine stores due to retail crime.
Walmart said its first two renovated stores, both in Neighborhood Markets, are scheduled to open this spring in Atlanta and Santa Rosa Beach, Florida.
The company also said it is finalizing construction plans for 12 new projects to begin this year, including converting one of its smaller stores into a supercenter.
“Consumers are still interested in coming into stores,” Yarbrough said. “Once a store is renovated, retailers see significant sales increases of up to 8% in that location.”
According to Coresight Research, the number of store openings will exceed the number of store closings nationwide in 2022 and 2023.
Target opened 21 new stores last year, it said in a statement last week, adding that it has “set an ambitious pace for 2024.”
Target said it would also open larger stores, but declined to say how many. The Minneapolis, Minn.-based company said it renovated more than 160 stores last year as well.
