Wal-Mart Stores, updated its plans for growth for the current fiscal year, and provided details about its expansion plans.
Total capital spending for the current fiscal year 2008 is projected to be approximately US$15 billion, down from $15.7 billion last year. Looking forward, total capital spending will flatten. Wal-Mart will continue to accelerate its investment in its International operating segment during the next two fiscal years. New store growth remains part of the Wal-Mart Stores U.S. strategy and more emphasis will be placed on relocating and expanding existing discount stores to supercenters during the same time periods.
The company expects to add 48 to 49 million sq ft globally, which is an increase of 6% in fiscal year 2008 over fiscal year 2007.
During each of the following two fiscal years, Wal-Mart expects to increase square footage between 48 million and 52 million sq ft, an increase of 5 to 6%.
The company expects to open 195 supercenters in the United States this year, down 30% from the 281 opened during last fiscal year. Projections for next fiscal year and the following year call for 170 and 140 supercenters respectively, including expansions and relocations.
Sam's Club will continue its expansion at a rate similar to fiscal year 2008, with approximately 25 new, expanded or relocated U.S. facilities per year in fiscal year 2009 and fiscal year 2010.
Wal-Mart International will continue to have a faster growth rate than the company's U.S. operations.
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