Walmart announced plans to shutter 269 stores across the globe this year, including all 102 of its small-format Express stores, in an unprecedented move CEO Doug McMillon characterized as being more disciplined about growth. The 154 planned U.S. store closures will account for more than half the total worldwide.
The world’s largest retailer said it will focus on strengthening its large format supercenters and optimize its Neighborhood Markets, which average about 40,000 square feet, as well as growing its e-Commerce business and expanding pickup services for customers.
“Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future,” said Doug McMillon, president and CEO of Wal-Mart Stores, Inc. in a statement.
Internationally, Walmart’s store closure plan primarily affects its Latin American market. Of the 115 stores it is shuttering abroad, 60 are money-losing stores in Brazil; another 55 are located in other Latin American markets.