Public Company Report – Wal-Mart Stores
by October 16, 2000 12:00 am 58 views
In one of its most ambitious expansion plans, Wal-Mart Stores Inc., the world’s largest retailer, plans to open more than 300 stores worldwide next year.
rIn a separate move, Wal-Mart has closed down its e-commerce site and said it won’t reopen for “a few weeks.”
rNext year, Wal-Mart will open about 40 new discount stores and 170 to 180 new Supercenters in the United States.
rThe company said it was speeding up its Supercenter expansion because of their popularity.
rA majority of the new Supercenters, which combine traditional Wal-Mart discount stores with grocery operations, will come from the relocation or expansion of existing discount stores. The remainder will be new Supercenters in new locations.
rThe company plans to almost double the number of its Neighborhood Markets stores, adding 15 to 20 next year, and add 40 to 50 Sam’s Clubs, with about half of those being relocations or expansions of existing clubs. Some 100 Sam’s Clubs will be remodeled.
rIn addition, Wal-Mart International will open 100 to 110 stores in each country where Wal-Mart currently operates and will include discount stores, Sam’s Clubs, and some relocations. Also included in the expansion plans are several restaurants, department stores and supermarkets in Mexico.
rLee Scott, president and CEO of Wal-Mart, said the expansion represents 40 million SF of new retail space, the greatest increase in the company’s history.
rAs of Sept. 30, the company had 1,742 Wal-Mart stores, 835 Supercenters, 469 Sam’s Clubs, and 13 Neighborhood Markets in the U.S. It had 1,041 stores overseas.
rFor the time being, however, the retailer has shut down its online version.
rA note on its site wal-mart.com said that the remodeling will enable customers to have “a pleasant shopping experience this holiday season.”
rThe company said that all orders placed before the closing will be filled.
rIn January, Wal-Mart relaunched its Web site, offering an expanded selection of clothes, books and appliances, along with such new features as e-mail reminders about anniversaries and birthdays.