Post by Atticus Pizzaballa on Feb 1, 2024 16:50:16 GMT -5
Walmart makes a major store change that will delight customers
The superstore announced the plans will begin taking place in the very near future.
Jena WarburtonJan 31, 2024 4:29 PM EST
As seemingly endless news about store closures seem to hang around, even in early 2024, one retailer is going in the opposite direction and actually opening more.
Walmart (WMT) is famously known as the world's top retailer, and in the U.S. it reigns supreme. It has at least one location within 10 miles of 90% of the population, but it isn't stopping there.
It hasn't been an entirely easy road. Walmart closed 24 stores in 2023, citing varying reasons — though most of them were financial and loss or shrink-related.
"These stores lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years," Walmart said in a press release, adding, "We have invested hundreds of millions of dollars in the city [of Chicago]... It was hoped that these investments would help improve our stores’ performance. Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing."
Walmart had originally anticipated to close just 15 stores in 2023, but with inventory shrink on the rise and city resilience being tested, it ended up with more. Closures were all over the country, ultimately happening in 14 states and Washington, D.C. Illinois was hit the hardest with eight closures; four stores closed in Chicago.
Walmart makes a store change announcement
But in the weeks since 2023 has closed, Walmart has been making big moves. It has spent $9 billion to renovate and upgrade many of its stores, and on Wednesday the retailer announced it would open 150 new stores — either renovated or completely from scratch — over the next five years.
"In the next five years, Walmart is planning to build or convert more than 150 stores, while simultaneously continuing our program to remodel existing stores. These efforts represent millions of dollars in capital investment of labor, supplies and tax revenue, which benefit their respective communities. And they’ll help us reach and serve even more customers," Walmart CEO John Furner wrote.
Two of the new stores will open quickly this spring: one in Santa Rosa Beach, Fla. and the other in Atlanta.
Some of the new store features will include:
Increased sustainability
Energy efficient lighting
Low impact refrigerators
Fast-charging electric vehicle stations
Improved layouts
More selection
In-store technology for product assistance and information
"During the next 12 months, we plan to remodel 650 stores across 47 states and Puerto Rico — creating tens of thousands of jobs supporting these projects. That’s in addition to the hundreds of jobs we’ll bring to a community each time we open a new store. And those jobs come with amazing perks, like tuition-free college starting on day one, or flexible scheduling and competitive paid time off," Furner continued.
Walmart says the remodels will be a part of its "Store of the Future" concept, which will "feature new paint, new signs and more shopping carts, creating a friendly, welcoming atmosphere."
Walmart will also move many of its pharmacy locations closer to the entrance for ease of access and its vision centers will get upgrades, too.
www.thestreet.com/retailers/walmart-makes-a-major-store-change-that-will-delight-customers
Wonderful news. Three things I wish Walmart would do. First is carry a variety of living fresh fish that are contained in large aquariums. I saw some photos of that I think in China and Japan. Second I wish they can do the cutting up of fresh meats in the store in view of the costumer's like I see at Price Chopper. I was watching a butcher who was a younger guy use a saw to cut steaks. Interesting. My last idea is for the stores to have a dining area where customers can grab prepared food items that they already make and eat in store. Would also be great for employees to use.
The superstore announced the plans will begin taking place in the very near future.
Jena WarburtonJan 31, 2024 4:29 PM EST
As seemingly endless news about store closures seem to hang around, even in early 2024, one retailer is going in the opposite direction and actually opening more.
Walmart (WMT) is famously known as the world's top retailer, and in the U.S. it reigns supreme. It has at least one location within 10 miles of 90% of the population, but it isn't stopping there.
It hasn't been an entirely easy road. Walmart closed 24 stores in 2023, citing varying reasons — though most of them were financial and loss or shrink-related.
"These stores lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years," Walmart said in a press release, adding, "We have invested hundreds of millions of dollars in the city [of Chicago]... It was hoped that these investments would help improve our stores’ performance. Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing."
Walmart had originally anticipated to close just 15 stores in 2023, but with inventory shrink on the rise and city resilience being tested, it ended up with more. Closures were all over the country, ultimately happening in 14 states and Washington, D.C. Illinois was hit the hardest with eight closures; four stores closed in Chicago.
Walmart makes a store change announcement
But in the weeks since 2023 has closed, Walmart has been making big moves. It has spent $9 billion to renovate and upgrade many of its stores, and on Wednesday the retailer announced it would open 150 new stores — either renovated or completely from scratch — over the next five years.
"In the next five years, Walmart is planning to build or convert more than 150 stores, while simultaneously continuing our program to remodel existing stores. These efforts represent millions of dollars in capital investment of labor, supplies and tax revenue, which benefit their respective communities. And they’ll help us reach and serve even more customers," Walmart CEO John Furner wrote.
Two of the new stores will open quickly this spring: one in Santa Rosa Beach, Fla. and the other in Atlanta.
Some of the new store features will include:
Increased sustainability
Energy efficient lighting
Low impact refrigerators
Fast-charging electric vehicle stations
Improved layouts
More selection
In-store technology for product assistance and information
"During the next 12 months, we plan to remodel 650 stores across 47 states and Puerto Rico — creating tens of thousands of jobs supporting these projects. That’s in addition to the hundreds of jobs we’ll bring to a community each time we open a new store. And those jobs come with amazing perks, like tuition-free college starting on day one, or flexible scheduling and competitive paid time off," Furner continued.
Walmart says the remodels will be a part of its "Store of the Future" concept, which will "feature new paint, new signs and more shopping carts, creating a friendly, welcoming atmosphere."
Walmart will also move many of its pharmacy locations closer to the entrance for ease of access and its vision centers will get upgrades, too.
www.thestreet.com/retailers/walmart-makes-a-major-store-change-that-will-delight-customers
Wonderful news. Three things I wish Walmart would do. First is carry a variety of living fresh fish that are contained in large aquariums. I saw some photos of that I think in China and Japan. Second I wish they can do the cutting up of fresh meats in the store in view of the costumer's like I see at Price Chopper. I was watching a butcher who was a younger guy use a saw to cut steaks. Interesting. My last idea is for the stores to have a dining area where customers can grab prepared food items that they already make and eat in store. Would also be great for employees to use.
