Wal-Mart to Open, Move or Enlarge 440 Stores Next Year2 Oct, 2001 By: Hive News
Bentonville, Ark.-based Wal-Mart Stores Inc. said Tuesday it will open, move or enlarge as many as 440 stores next year, as the largest retailerincreases the pace of expansion even as U.S. economic growth slows, according to Bloomberg News.
As many as 310 of the stores will be in the U.S. and 130 overseas, the company said in a statement. More than half of the U.S. locations will be supercenters, warehouse-size stores that sell discounted household goods and have fullgrocery departments, Bloomberg reported.
Wal-Mart plans to open more supercenters in the first half of next year than it didin the same period this year. The company is selling food to attract shoppers into its stores more often, a strategy that analysts say will help Wal-Mart maintain sales growth even if the economy slips into a recession, Bloomberg reported.
Wal-Mart's shares have risen 7.6% since the Sept. 11 terrorist attacks.
The company said it will open about 50 discount stores and 180 to 185 supercenters in the U.S. in the year beginning Feb. 1. Relocations or expansions of existing discount stores will account for about 110 to 115 of the supercenters, the company said.
Wal-Mart will open about 15 to 20 Neighborhood Market stores and 50 to 55 Sam's Club warehouse stores. The international division will open 120 to 130 stores, the company said.