Walmart announced Wednesday that it plans to open more than 150 stores over the next five years. The company is investing heavily in its business to remain competitive in the rapidly changing retail landscape.
The company said in October that it would invest more than $9 billion over two years to expand its operations and modernize its stores with new technology, better layouts and a wider product selection.
The retailer said it plans to remodel 650 stores in 47 states and Puerto Rico over the next 12 months, creating tens of thousands of jobs.
CEO John Furner said in a statement that the first two new stores are scheduled to open this spring in Santa Rosa Beach, Florida, and Atlanta, Georgia, and one of the smaller locations will be converted into a Walmart Supercenter.
Walmart had 4,616 stores in the U.S. as of Oct. 31, including supercenters, according to the company's website.
The company raised its annual sales and profit forecasts in November as it continues to attract inflation-hit customers to its stores with a selection of expensive groceries and everyday items. (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil de Silva)
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