Walmart, America’s largest retail giant, is opening 150 new stores in the U.S. while continuing to remodel the existing facilities around the country, the company announced Wednesday.
The initiative, which is planned to span over the next five years, will help expand Walmart’s footprint. The mega-retailer already employs about 1.6 million workers in the country, making it the largest private employer in the nation.
“These efforts represent millions of dollars in capital investment of labor, supplies and tax revenue, which benefit their respective communities,” President and CEO of Walmart U.S. John Furner said in the announcement. “And they’ll help us reach and serve even more customers.”
The retail behemoth’s plans to expand are a sign of the company’s confidence in having physical stores. The retailer currently operates at least 10,000 in the U.S. In 2016, the company said it planned to slow down efforts to build new stores, opting to focus on online sales. Its current expansion follows the increased in-person shopping from customers after the pandemic while still using facilities to prosper its e-commerce strategies.
The company also said Wednesday it plans to remodel 650 stores across 47 states and Puerto Rico during the next 12 months.
The new and remodeled stores will feature Walmart’s “Store of the Future” concept, which promises innovative technology and improved product layouts to help the employees better serve customers, according to the company.
Walmart stock has shot up in the past five years, climbing by around 75 percent. Apart from announcing new stores, the retailer announced it will give out stock grants to managers. The company shared the news Monday, as well as announcing further benefit compensation packages for its store managers after boosting their salaries earlier this year.