10/10/2012 11:37:00 AM Wal-Mart to accelerate small store development
NEW YORK (AP) — Wal-Mart Stores Inc. says it’s accelerating its expansion of small stores as it looks to compete with a variety of rivals, from dollar stores to drug chains.
The company told investors at its analysts’ meeting today that it plans to have a total of 500 Neighborhood Market stores and a total of 12 Express stores by fiscal 2016 .
Bill Simon, president of Wal-Mart’s U.S. division says that Neighborhood Market store have generated a 5 percent increase in revenue at stores opened at least a year for the first half of this year. That’s more than double the growth rate of the Wal-Mart’s average store.
As of the end of July, Wal-Mart had 10 “Express” stores and had ramped up its “Neighborhood Market” concept to 217 locations.