Walmart to ‘build or convert’ more than 150 stores

Walmart’s remodeling spree continues, with another announcement of store upgrades designed to overhaul the company’s brick and mortar footprint.

The retail giant this week announced that it plans to “build or convert more than 150 stores,” as it continues to remodel existing stores. In a blog post, Walmart US CEO John Furner wrote that “these efforts represent millions of dollars in capital investment of labor, supplies and tax revenue, which benefit their respective communities.”

Over the next 12 months, Walmart also plans to remodel 650 stores. The first two are “Neighborhood Markets” in Santa Rosa Beach, Florida, and Atlanta, Georgia, and are set to open this spring. The new stores feature “improved layouts, expanded product selections and innovative technology,” according to Furner.

The changes reflect Walmart’s “Store of the Future” concept, toward which the company had already spent $9 billion as of last October to upgrade more than 1,400 stores.

The investments track with a broader trend among big box retailers to experiment with new store formats. Target and JCPenney have announced similar remodeling plans.

A new report from Deloitte released this week noted that “enhancing the in-store experience was a top-cited growth opportunity for driving growth in 2024.” It added that “some retailers are planning expansive store remodels that can immediately create more pleasant environments and sticky behavior from consumers.”