New York City -- Wal-Mart Stores is ramping up the opening of its mid-sized Neighborhood Market format, which is being renamed Walmart Market, said Bill Simon, president and CEO, Walmart U.S., on Wednesday at the William Blair & Co. Growth Stock Conference in Chicago.
The Market stores, which average around 42,000 sq. ft., are delivering returns on the same level as supercenters, Simon said, and can be approved and built in less time.
The chain expects open 90 to 100 Walmart Market stores in its current fiscal year, with a total of 300 in operation by fiscal 2013. The stores average around 42,000 sq. ft.
In other remarks, Simon said sales at the company’s new Walmart Express format have been “very good.”
Walmart Express stores, at around 15,000 sq. ft., sell everything from fresh food to sheets and towels to toys.
To date, the chain has opened two Express locations, both in Arkansas. On Wednesday, Walmart is opening its third Walmart Express location, in Richfield, N.C. In July, it will open a Walmart Express store in Chicago.