Walmart to close 269 sites, end convenience store test

The company announced Friday it will close 269 stores across the globe, including 154 in the US.

Walmart to close 269 stores: Walmart (WMT) will close 269 stores around the world in a strategic move to focus more on its supercenters and e-commerce business, the company said Friday.

According to the Associated Press, 95-percent of the American closures “are within 10 miles of another Walmart”.

The smaller neighborhood stores, including the locations at 3636 N. Broadway and and 225 W. Chicago Ave., will close permanently this Sunday.

Apart from its closure plan, the corporation also intends to open new stores as a part of its structural program.

Last week, Macy’s said it was closing 40 of its department stores and cutting 4,800 jobs. Diverting attention and resources to doing so will temporarily affect its profit margin and Wal-Mart said earnings may be down 12 percent next year. With competition from Amazon.com and other online companies, Wal-Mart is making efforts to increase its Internet sales presence.

In recent years, Walmart and Target, both relative latecomers to the online market, have been focusing more of their resources into establishing a presence on the Internet.

“Juneau is in a unique circumstance in that there aren’t other Wal-Marts relatively close by as you might find in other locations that are being closed”, Garcia said. Those stores are about 12,000 square feet and sell essentials such as toothpaste.

The closings are the result of a portfolio review the company launched in 2015 that involved Walmart’s 11,600 stores around the world.

West Hartford’s Walmart Neighborhood Market is among 153 stores the multinational retail corporation said it will be closing across the country. “So we are committed to growing, but we are being disciplined about it”, McMillon said. “But it is necessary to keep the company strong and positioned for the future”.

“Our goal is to help these associates and we will take appropriate steps to ensure they are treated well”, McMillon said.

At the same time Walmart has plans to expand its sister discount brand, Sam’s Club, by opening seven to 10 new locations.