Walmart adds 150 U.S. stores in five-year expansion drive

Walmart will add 150 stores in the United States over the next five years, a major expansion drive for the retail giant.

The company, which announced the move in a rack on Wednesday, this would entail millions of dollars in investments. Walmart employs about 1.6 million people in the United States and says it hires hundreds of people every time it opens a new store.

Walmart had just over 4,600 stores nationwide at the end of October 2023, compared to more than 4,700 a year earlier. The company has not opened a new U.S. store since late 2021.

Most of the stores Walmart plans to open will be newly built, while others will consist of conversions of existing locations to new formats. The first two new stores will open this spring, in Florida and Georgia, and the company will complete construction plans for twelve more stores this year. It also said it would remodel 650 locations.

Walmart announced this week that it would increase salaries and benefits for store managers and offer them stock grants.

The company reported sharply higher profits in the first three quarters of 2023 and its share price is hovering around a record high.

Consumer spending, which drives the U.S. economy, has proven resilient despite shoppers being squeezed by high inflation and rising interest rates. Holiday credit card data shows retail sales increased from a year earlier.

Jordyn Holman reporting contributed.