The World Is Coming To An End

[runco]

I never thought I would live to see this:

 

http://www.wbir.com/money/walmart-to-close-269-stores/15246789

 

Walmart to close 269 stores worldwide

Hadley Malcolm 12:26 PM. EST January 15, 2016

 

 

 

Walmart said Friday that it will close 269 sotres globally, including shutting down its fleet of 102 'Express' format stores in the U.S.

 

(Photo: Custom)

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Walmart 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.

The closures include 154 U.S. locations, encompassing Walmart's entire fleet of 102 'Express' format stores, its smallest stores that have been in pilot testing since 2011. Some supercenters, Sam's Club locations and Neighborhood Markets will also close, plus 115 stores in Latin American markets. The closures were decided based on financial performance and how well the locations fit with Walmart's broader strategy, says Greg Hitt, a company spokesman.

 

Walmart has been working aggressively to grow its e-commerce presence and digital services, plus upgrade stores and provide shoppers with a more pleasant experience. In that vein, the company has also been making a big push to increase wages and provide more training to employees, an effort that's costing more than $1 billion.

The store closures, which represent less than 1% of global revenue from Walmart's nearly 11,600 stores worldwide, will allow the retailer to step up its digital and in-store initiatives, Hitt says.

In a statement, Walmart CEO Doug McMillon said the company is "committed to growing, but we are being disciplined about it." Walmart plans to open more than 300 stores in the coming fiscal year.

In addition to its supercenters and e-commerce initiatives, Walmart also plans to invest more in its Neighborhood Market format, smaller stores that are around 30,000 square feet, and expanding in-store pick-up services for online orders.

Around 16,000 store associates are affected by the store closures, with about 10,000 in the U.S. Some will have the opportunity to relocate to other Walmart stores. The rest will receive 60 days pay plus severance if eligible, the company said.

The news comes as other retailers have announced store closures recently in order to stay competitive in a changing retail landscape. Finish Line said last week that it would close 150 stores after reporting a third quarter loss. Macy's also said last week that it plans to close 36 stores and eliminate more than 4,500 positions in a bid to become a more nimble business.

This story originally appeared on USATODAY.com.

Edited January 16, 2016 by runco

[xsubsailor]

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[Caster]

Hmmmm.

Nope, don't care.

[Murgatroy]

Close underperforming 'markets' that are taking business from the Super Wal-Mart.

 

Business 101.

[mikegideon]

They can move into a great model. Amazon and the like is gonna eat everybody's lunch if the retailers don't adapt. Walmart has a better chance than most.

[TMF]

The small Walmart stores they launched a few years ago were just a bad idea. I didn't see those being popular and can't imagine how they could've thought so.

[Randy W]

Now you don't think it has anything to do with the fact that back in June they raised there minimum wage?????????????????? Have to recoup that money somehow.... 

[A.J. Holst]

The small Walmart stores they launched a few years ago were just a bad idea. I didn't see those being popular and can't imagine how they could've thought so.

I think the plan was to crush Walgreens / CVS in markets that could not support a traditional big box.

[TMF]

I think the plan was to crush Walgreens / CVS in markets that could not support a traditional big box.

Walgreens is owned by the same people.

I've seen these Neighborhood Walmarts pop up, and they stick them across the road from stores that already have a customer base and rewards systems to maintain those customers. They built one across the road from our Winn-Dixie, but I don't see hardly any cars parked over there by comparison. Just seems like a bad idea from the start, and if I could see that I would think their board could see that. I'm not at all surprised they failed in that endeavor. They should stick to supercenters and try to break into internet sales, like Amazon.

[Patton]

I have heard more than one person in the corporation say that a Walmart does not have to be profitable in their eye; it only needs to make business unprofitable for other retailers.

[musicman]

I think this is more of a headline than a story. More attention grabbing than anything.

Sure, they're closing some stores that aren't doing well. They're also gunna open a crap load of new stores they think will do better. No news here, just business as usual.

[Flyboy]

Looks to be more of the neighborhood markets for food only type stores and a drug store.

[No_0ne]

The small Walmart stores they launched a few years ago were just a bad idea. I didn't see those being popular and can't imagine how they could've thought so.

 

Easy.  Dollar Stores, Dollar General, etc. have been making inroads into the Podunk, USA markets.  Walmart being Walmart means that that was unacceptable, thus the "mini-Walmarts".  These stores haven't worked, at least in some markets, therefore they have to go ...

[TMF]

Easy. Dollar Stores, Dollar General, etc. have been making inroads into the Podunk, USA markets. Walmart being Walmart means that that was unacceptable, thus the "mini-Walmarts". These stores haven't worked, at least in some markets, therefore they have to go ...

I have heard more than one person in the corporation say that a Walmart does not have to be profitable in their eye; it only needs to make business unprofitable for other retailers.

Now it makes sense. Edited January 16, 2016 by TMF

[MrsMonkeyMan2500]

They can move into a great model. Amazon and the like is gonna eat everybody's lunch if the retailers don't adapt. Walmart has a better chance than most.

Good point. Also, this weekend only Prime memberships are only $73 instead of the usual $99!!

[Steelharp]

"WE'RE CLOSING 260 STORES!!"

 

(Pssst. We're opening 400. Politimath.)

[CommsNBombs]

Those Market WalMarts were an attempt to uproot Dollar Trees, Dollar Generals and the (remaining) RiteAids, CVS, etc.

WalMart is great at being a giant big box store. Its their niche.

Their eCommerce isnt too bad either - interconnected web of free deliveries to your closest storefront or affordable shipping? Hell yeah

They just need to start stocking powder like the Wally Worlds in PA. Buddy shot me a pic of $18.94 Bullseye near Mechanicsburg - FML

Sent from my SPH-L720 using Tapatalk

[gregintenn]

WalMart has overbuilt. I expect Dollar General is doing the same thing right now. You can't sling a cat without hitting a Dollar Store around here.

[krunchnik]

WOW-18 bucks for Bullseye-I only wish

[PackinMama]

The Walmart stores that will be closing in TN:

 

4718 Nashville Hwy., Chapel Hill

523 N Military St., Loretto

400 N Main St., Cornersville

934 Hwy. 79, Dover

[Monkeybat]

Wal-Marts closing should be a good thing. If anything it may help mom and pops in smaller geographies but Wal-Mart is just maximizing profit. Nothing more. Yeah I do think this has something to do with the wage increase. Walmart will just move a few employees to the next closest now busier store and will terminate many employees improving their balance sheet in the process. Way to go democrats. This is your minimum wage increase at its finest. Enjoy.


Sent from the Fortress of Solitude.

[NextExit]

Dollar General must be beating them at their own game..

Yup.. DG can make a "neighborhood market" too:

[gregintenn]

The Walmart stores that will be closing in TN:

 

4718 Nashville Hwy., Chapel Hill

523 N Military St., Loretto

400 N Main St., Cornersville

934 Hwy. 79, Dover

I heard on the radio that the one on Gallatin Rd in North Nashville is on the list as well.

[Chucktshoes]

I heard on the radio that the one on Gallatin Rd in North Nashville is on the list as well.

It is.

[Chucktshoes]

Walgreens is owned by the same people.

Same people as who? Walgreens is not related to Walmart in any way. It was founded by Charles R. Walgreen in 1903. It is also a terrible company ran by terrible, terrible people.