Walmart now plans to open new stores in surprise change of plans

TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Wednesday, January 31.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin – reporting from the New York Stock Exchange.

Stocks were in the red to close out today’s session. The Dow closed down over 300 points, the Nasdaq closed 2.2 percent lower, and the S&P closed 1.6 percent lower.

This comes as investors continue to react to the Federal Reserve’s latest policy decision. The Fed held rates steady yet again and indicated that it isn’t yet ready to cut rates due to persistent inflation.

Separately, investors are still monitoring big tech earnings. Names like Apple, Amazon, and Meta are all set to release results Thursday.

In other news, the country’s largest retailer is about to get a little bigger. Walmart has announced plans to either open or expand 150 stores over the next five years. The announcement comes as a bit of a surprise, as the company previously said it had no intentions of opening new locations.

Walmart, which currently has more than 4,600 locations – as well as 599 Sam’s Club stores – says most of the new stores will open in new locations. The company also said it plans to remodel about 650 locations over the next 12 months – that’s on top of the $9 billion it spent upgrading 1,400 stores over the past two years.

Walmart CEO John Furner posted a statement about the news, saying, “Our new and remodeled stores will reflect Walmart’s Store of the Future concept, featuring improved layouts, expanded product selections, and innovative technology to help our associates better support our customers and make shopping more convenient and enjoyable.”

Walmart currently employs about 1.6 million Americans – and approximately 90 percent of the U.S. population lives within 10 miles of a Walmart store.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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