Wal-Mart investor meeting: Smaller stores for 2011
Bentonville, Ark. Wal-Mart Stores laid out plans to jump-start sluggish sales and amp up expansion at its investor meeting in Rogers, Ark., on Wednesday.
The world’s largest retailer said it will focus on smaller-format stores in 2011, with plans to open 185 to 205 new stores in the next fiscal year, compared with 153 stores in the current year, but with the same increase in square footage, 11 million, and similar capital expenditure, $7.5 billion to $8 billion.
The company also said it plans to expand internationally and is working to draw more customers to its Sam’s Club warehouse stores by expanding electronics and jewelry offerings, including selling Apple’s iPhone and iPad in some clubs by the holiday season.
International expansion plans include “strategic acquisitions in large, high growth markets,” according to international chief Doug McMillon. He said the company needs to grow in Japan and would like to grow in Argentina, Chile and Brazil.
CEO Mike Duke told investors that Wal-Mart is forecasting a rise in fourth-quarter same-store revenue in its U.S. stores after the figure fell for five straight quarters.
U.S. CEO Bill Simon also said the chain will more aggressively display discounts on some items featured in its main aisles rather than discounting as much throughout the store.
“In this environment we should be thriving and we’re gearing up to do that,” Simon said. Another plan in the works: In about 750 stores, orders will be available for pickup the same day.
Toys ‘R’ Us Express to open 14 stores in Centro shopping centers
New York City Centro Properties Group announced that 14 leases have been executed with Toys “R” Us to accommodate the retailer’s pop-up concept, Toys “R” Us Express.
Locations will open in time for the holiday shopping season in Centro malls in 10 states: California; Connecticut; Florida; Illinois; Indiana; Michigan; North Carolina; New Jersey; Ohio and Pennsylvania.
Mama’s Daughters’ Diner to open at Prestonwood Park
Plano, Texas Jacksonville, Fla.-based Regency Centers said it has leased restaurant space in Plano, Texas, at Prestonwood Park to Mama’s Daughter’s Diner.
The family-owned restaurant has leased 5,043 sq. ft. and is slated to open for business in November.
The 163,341-sq.-ft. shopping center is tenanted by Great Clips, Qdoba Mexican Grill, Sonic, Subway, Sally Beauty Supply and Domino’s Pizza.