Days after announcing wage increases and stock options for managers, Walmart has revealed plans to renovate hundreds of its current stores and launch over 100 new stores in the next five years. According to John Furner, president and CEO of Walmart U.S., the company intends to build or convert more than 150 stores, with two new smaller-format Neighborhood Markets set to open in Santa Rosa Beach, Florida, and Atlanta, Georgia this spring. Furthermore, Walmart is finalizing construction plans for 12 new projects to commence this year, including the conversion of a smaller location into a Walmart Supercenter. In addition to the new stores, Walmart will also remodel 650 existing stores across 47 states and in Puerto Rico over the next 12 months.
These new and renovated stores are part of Walmart’s Store of the Future concept, which aims to deliver a more modern shopping experience through enhanced layouts, expanded product selections, and innovative technology. The changes will feature new paint, signs, and additional shopping carts, as well as a revamped checkout design at the front of the stores. The layout will provide more space for both shoppers and employees, with expanded pharmacies, updated vision centers, and added corner displays for customer interaction.
Walmart has also announced pay raises for store managers, with the base pay increasing from $117,000 to $128,000 a year, along with the possibility of annual bonuses of up to 200% of a store manager’s salary. Furthermore, non-salary workers will see an increase in hourly wages to over $18. Additionally, store managers will receive an annual grant of Walmart stock, with superstore managers receiving $20,000 in stock each year.
As part of all these changes, Walmart is striving to provide a more customer-centered shopping experience, with the addition of digital touchpoints throughout stores to offer more information on products and services.
