WALMART is set to undergo a major shakeup next year, as the company seeks to attract a broader customer base.
Walmart CFO John David Rainey has told Fox Business that the retail giant has been “up leveling” and improving the look of the stores.
Walmart CFO John David Rainey says customers may notice some major changes in Walmart stores next year[/caption]
“Today’s Walmart is very different from the Walmart of several years ago,” Rainey said,
He that it has been making changes that “appeal to a much broader demographic than what we have historically.”
Rainey joined Walmart after holding significant roles at PayPal and United Airlines.
Walmart has been attracting a wider range of shoppers including people with more money.
One of the major changes it has brought in is offering higher-end items, like Apple products or Bose headphones.
Rainey told Fox Business that these items are “sought after by more affluent customers” and a big part of the updated strategy.
According to Fox Business, Walmart has reported an increase in higher income households.
In the latest fiscal quarter, households earning more than $100,000 accounted for 75% of its share gains.
Shares in the company have risen over 60% in year to date.
Part of the changes, Rainey said, was to boost online sales.
The company has more than 700 million items across its marketplace.
Rainey insisted that the company “isn’t alienating our more traditional customer cohorts.”
“If you’re a supplier or a vendor, you actually want to sell your product where the people are, where the eyeballs are coming. And so that’s really helping us right now,” he said.
Rainey also said the company had boosted investment in its store experience.
This included building new modernized stores and remodelling hundreds of others.
According to Fox Business, Walmart has remodelled about 700 stores each year on average over the past three years.
Rainey said there are even more plans to remodel more.
“When you walk into one of these remodeled stores, it’s a very, very different experience from what you’ve thought about historically,” Rainey said.
Customers are likely notice big changes in Walmart stores, Rainey said.
Some of the overhaul includes improved layouts, bigger product selection and new technology to help with customer support.
The stores have refreshed signs, paint, shopping carts and a new checkout design.
Shoppers may also notice bigger merchandising on display and interactive displays in certain areas.
In the U.S., the company operates just over 4,600 stores and employs about 1.6 million associates.
Walmart stores closed in 2024
So far, Walmart has closed the following stores in 2024:
California
- El Cajon
- Fremont
- Granite Bay
- San Diego
- West Covina
Colorado
- Aurora
Georgia
- Dunwoody
- Marietta
Maryland
- Towson
Ohio
- Columbus
Wisconsin
- Neighborhood Market, Milwaukee
