Walmart, a world top retailer and one of the US’ most important chain retailer is once again defying the economy and the news by actually opening more stores in a move that will delight its customers.
As the economy recuperates form the nosedive it took during the pandemic years and more and more stores close, this move by the corporation is a sign that it is not ready to release its stronghold on the US market. With one location within 10 miles of 90% of the population, the giant isn’t being deterred.
Despite being undeniably affected by the aftermath of COVID-19, with 24 stores closing just in 2023 for being financially insolvent or redundant in the area, a number well above the 15 expected to close, the giant retailer is bouncing back with gusto.
“These stores lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years,” a Walmart representative said in a press release, also stating, “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.”
Many stores closed all over the country, with 14 states being affected testing the brand resiliency mainly in Illinois, with 8 stores closing overall, 4 in Chicago alone.
Walmart stores are changing to embrace the future
The setbacks seemed to be temporary as Walmart has started the 2024 period with an investment of 9 billion dollars set to renovate and upgrade many of its existing stores as well as with a plan announcing 150 new stores between refurbished and new locations 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,” John Furner, CEO of Walmart, announced.
Two of the stores will have their debut this spring and in two very geographical locations one in Santa Rosa Beach, Florida. and the other in Atlanta. With new eco-friendly features that plan to take the company into the future in a more sustainable fashion, some of the upgrades for the new and improved locations include:
- Energy efficient lighting
- Low impact refrigerators
- Fast-charging electric vehicle stations
- Improved layouts
- More selection
- Increased overall sustainability
- In-store technology for product assistance and information
In his statement Furner also explains his plan for this new year and how it will affect the human component of the economic ecuation “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”.
These remodels are part of the “Store of the Future” concept, an idea that we have seen pop up more and more in the retail spaces and will feature innovative brand image changes such as “new paint, new signs and more shopping carts, creating a friendly, welcoming atmosphere”. Important services located inside of the stores such as the pharmacy will shift to a more convenient part of the store and its vision centers will also be improved. Overall, a complete overhaul of the facilities.
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