Bad news for anyone that was hoping to purchase their avacados, wranglers, and vacuum cleaner in the same trip. Wal-Mart is cutting back on the openings of its super stores.
Tribune: Wal-Mart Stores Inc. will cut capital spending at its U.S. stores division by a third this year as it slows the opening of supercenters, discount stores and grocery locations.
Spending will drop to a range of $5.8 billion to $6.4 billion in the year that will end Jan. 31, from $9.1 billion a year earlier, Wal-Mart said Monday during an analyst presentation in Arkansas.
The world’s largest retailer bowed to pressure from investors seeking greater returns as it trims spending and focuses on remodeling rather than opening stores.
The company plans to open 166 U.S. supercenters that sell a combination of general merchandise and groceries this year, and 125 to 140 the following 12 months. Both are lower than the 191 stores that opened in the last fiscal year, according to a presentation by Eduardo Castro-Wright, Wal-Mart’s U.S. stores chief.
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