Adding 270 to 300 more stores will help Wal-Mart forge ahead on its business goals in the coming years.
The number is up from the 120 to 150 initial locations or twice as many stores the retailer predicted in October a press release on the company's website reported Thursday. One hundred and fifteen new supercenters will still be built in 2014.
"Neighborhood Market is performing comparable or favorable to leading grocers," Bill Simon president of Wal-Mart United States and CEO said in a statement. "Our small store expansion, in addition to providing customers access to a wide variety of products, including fresh, pharmacy and fuel, will help us usher in the next generation of retail. This will combine thousands of points of physical access with digital retail experiences that include initiatives such as Site to Store and Pay with Cash."
The adjustments will total $6.4 to $6.9 billion compared to the $5.8 to 6.3 billion originally projected the press release reported.
"We have a healthy pipeline of stores in development, and we systematically work to improve our real estate and construction processes, reduce building costs and shorten the time needed to open our stores," Simon said in a statement. "Our small store expansion will also strengthen our market share and create greater efficiencies in our supply chain through a tethered approach that uses supercenters as a supply chain base, links our resources and provides a unique and connected customer experience," Simon said in the statement.
"We currently have over 4,200 stores and will grow that significantly this fiscal year. Our full fleet will serve as the physical access points for our digital business, combining these two worlds in a unique way. Site to Store, Ship from Store, Pay with Cash, and Scan & Go are great examples of what we're currently doing to marry digital and physical experiences," Simon said in the statement.
