To: James Strauss who wrote (892 ) 10/5/1999 8:25:00 AM From: JakeStraw Read Replies (1) | Respond to of 1166
Wal-Mart Announces Expansion Plans BENTONVILLE, Ark., Oct. 5 /PRNewswire/ -- Wal-Mart Stores, Inc. (NYSE: WMT - news) announced continuation of its aggressive unit growth for the fiscal year beginning February 1, 2000. Domestically, the Wal-Mart division plans to open approximately 40 new discount stores, and 160 to 165 new Supercenters. This represents an acceleration of Supercenter unit expansion and reflects the strong consumer acceptance and financial results from the format. Relocations or expansions of existing discount stores will account for approximately 100 of the Supercenters while the remainder will be new locations. The Company will further expand its test of the Neighborhood Market concept by adding 5 to 10 new units in the next fiscal year. The Sam's Club division will open 20 to 25 domestic clubs, approximately half will be relocations. Wal-Mart International plans to open 90 to 100 units in existing markets. Projects are scheduled to open in each of the countries, and will include new stores and clubs as well as relocations of a few existing units. These announced units also include several Cifra formats such as restaurants, department stores and supermarkets in Mexico. In addition, Germany will continue with the remodeling of all the acquired hypermarkets. ''Our planned growth represents approximately 34 million square feet of additional retail space or an 8% growth in square footage. Additionally, this year's international acquisitions added 303 units and 25 million square feet of retail space,'' said David Glass, president and CEO. The Company also unveiled the largest distribution center expansion in its history including 4 new regional general merchandise centers, 4 new food distribution centers and 2 fresh food distribution centers to be completed in the next fiscal year. Combined, these 10 DC's will add over 9 million square feet of distribution space. As of September 30, 1999, the Company had 1821 Wal-Mart stores, 650 Supercenters, and 453 Sam's Clubs in the United States. Internationally, the Company operated units in Argentina (13), Brazil (14), Canada (160), Germany (95), Mexico (437), Puerto Rico (15), and United Kingdom (229) and under joint venture agreements in China (6) and Korea (5). Wal-Mart employs more than 815,000 Associates in the U.S. and 220,000 internationally. Its securities are listed on the New York and Pacific stock exchanges. SOURCE: Wal-Mart Stores, Inc.