Wal-Mart to shutter 269 stores, 154 of them in the U.S.
- 8 years ago
wal-Mart is closing 269 stores, more than half of them in the U.S. and another big chunk in its challenging Brazilian market.
More than 95 percent of the stores set to be closed in the U.S. are within 10 miles of another Wal-Mart.
The Bentonville, Ark., company said it is working to ensure that workers are placed in nearby locations.
The store closures will start at the end of the month.
Analyst Neil Saunders, CEO of Conlumino, said increased competition from dollar stores hurt the Walmart Express stores.
Wal-Mart felt compelled to experiment with the smaller format to try to cash in on a growing trend for shoppers to prefer local stores, but didn’t enjoy the same competitive advantage in the smaller spaces that its big box stores afforded it, Saunders said.
More than 95 percent of the stores set to be closed in the U.S. are within 10 miles of another Wal-Mart.
The Bentonville, Ark., company said it is working to ensure that workers are placed in nearby locations.
The store closures will start at the end of the month.
Analyst Neil Saunders, CEO of Conlumino, said increased competition from dollar stores hurt the Walmart Express stores.
Wal-Mart felt compelled to experiment with the smaller format to try to cash in on a growing trend for shoppers to prefer local stores, but didn’t enjoy the same competitive advantage in the smaller spaces that its big box stores afforded it, Saunders said.