Retail giant Walmart announced plans to build hundreds of new stores in the next five years, providing more job opportunities.
The decision marks a significant change for the company as in 2016, it said that it was slowing down the opening of new stores. It noted that it was instead investing in its online efforts, technology, and store remodels.
Walmart's decision was made because it sought to be more competitive with Amazon. A spokeswoman for the company said that the discounter has not opened a new store since November 2021.
The company is known to operate roughly 4,700 U.S. locations, including roughly 600 Sam's Club sites. The news of the plans comes as the Bentonville, Arkansas-based chain, similar to many other retailers, is relying more and more on its physical stores to fulfill online orders and use them as online pickup locations.
In a memo that was shared, the president and CEO of Walmart's U.S. division, John Furner, said that the first two new stores under the initiative are set to open later this spring. The stores, which are both Neighborhood Markets, will be located in Atlanta and Santa Rosa Beach, Florida, as per the Associated Press.
Furthermore, the company is also finalizing construction plans on 12 new store projects to start this year and is converting one of its smaller locations to become a Walmart Supercenter. Supercenters are spread over roughly 180,000 square feet and sell everything from oranges to clothing to TV sets.
In a statement, Furner said that the new efforts represent millions of dollars in capital investment of labor, supplies, and tax revenue. He argued that these would benefit their respective communities and help the discounter reach and serve even more customers.
The country's largest retailer plans to remodel 650 stores across 47 states as well as Puerto Rico over the course of the next 12 months. Walmart's new and remodeled stores will reflect its new concept, featuring improved layouts, expanded product selections, and new technology to help workers better serve customers and make shopping more convenient.
Providing More Job Opportunities
Furner added that the creation and remodeling of the hundreds of stores will provide hundreds of jobs each time a new establishment is opened. He noted that these jobs will involve amazing perks, such as tuition-free college starting on day one and flexible schedules as well as competitive paid time off, according to Walmart.
The new facilities will be designed with sustainability in mind and include more energy-efficient equipment and lighting, lower-impact refrigerants, and others. Furner noted the company is also working on developing a coast-to-coast network of affordable electric vehicle fast-charging stations.
The plans come as the company made $160.8 billion in third-quarter earnings as it operates 4,616 Walmart stores and employs roughly 1.6 million people in the United States. On Tuesday, it revealed a three-for-one stock split as its shares approached the all-time highs.
The company also recently announced that it would be giving store managers stock grants on top of new pay raises this year, said Axios.
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