Walmart's new and remodeled stores will align with the retailer's Store of the Future strategy.
Walmart has hit the ground running in 2024 with a bevy of announcements regarding everything from its adaptive retail strategy to increased pay for managers and a 3:1 stock split to make it easier for associates to purchase them. Now Walmart is sharing its plans to expand its footprint and improve hundreds of its existing stores over the next five years.
The retailer plans to build or convert more than 150 stores by 2029, which is poised to represent millions of dollars in capital investment of labor, supplies and tax revenue. Walmart will also remodel 650 stores across 47 states and Puerto Rico during the next 12 months.
According to a company blog post from John Furner, president and CEO of Walmart U.S., the first two stores under the new initiative are both Neighborhood Markets and are set to open this spring in Santa Rosa Beach, Fla., and Atlanta, Ga. The company is also finalizing construction plans on 12 new projects that are slated to begin this year, as well as the conversion of one of its smaller locations to a Walmart Supercenter.
The new and renovated stores will be in line with Walmart’s Store of the Future strategy, and will feature improved layouts, expanded product selections and innovative technology. Additionally, the new facilities will include more energy-efficient equipment and lighting, lower impact refrigerants and other sustainable improvements.
“We’re also working on developing a coast-to-coast network of affordable electric vehicle fast-charging stations we hope will make EV ownership a more convenient and accessible choice for Walmart shoppers and associates,” Furner wrote.
Continued Furner: “We’re proud that improving our stores also has a tangible impact in the communities we serve. What a win it is to invest in America, grow our business and move toward a more sustainable future – all at the same time.”
Amid its newsy start to the year, Walmart will release its fourth-quarter earnings on Feb. 20.
Each week, about 240 million customers and members visit Walmart’s approximately 10,500 stores and numerous e-commerce websites in 19 countries. The Bentonville, Ark.-based company employs approximately 2.1 million associates worldwide. Walmart U.S. is No. 1 on Progressive Grocer’s 2023 list of the top food and consumables retailers in North America. PG also named Walmart one of its Retailers of the Century.