Wal-Mart to Remodel U.S. Stores and Expand Internationally
Oct 26, 2009
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Wal-Mart Stores said it plans to upgrade current U.S. stores and expand internationally.
Tom Schoewe, executive vice president and chief financial officer said, "We're stepping up growth in our International operations to take advantage of growing economies and opportunities in emerging markets, such as China and Brazil."
Schoewe said that the retailer expects to increase global square footage by approximately 37 million square feet in fiscal year 2011.
In the U.S., Walmart will remodel existing Supercenter centers. By next month, Walmart U.S. will have completed Project Impact remodels at more than 30% of its 3538 stores. By the end of fiscal year 2012, approximately 70% of Walmart U.S. stores, including newly-constructed stores, are expected to be updated under the Project Impact initiative.
Sam's Club plans to add between five and 10 new, expanded or relocated clubs in fiscal year 2011 after adding a projected 15 clubs this fiscal year. Sam's Club plans to remodel between 50 and 55 clubs by year-end, and expects to remodel between 70 and 90 clubs next fiscal year.
Walmart International plans aggressive investment, particularly in China and Brazil. The International portfolio includes a variety of formats, from supercenters to small grocery stores. New stores are expected to add approximately 23 million square feet in fiscal year 2010, and approximately 25 million more square feet in fiscal year 2011. The projections are based on the existing store base and do not include possible acquisitions.
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