US retail giant Walmart is planning to open more than 150 stores over the next five years, as it invests heavily in its operations to stay competitive in a fast-changing retail landscape.
Walmart said in October it was looking to invest more than $9 billion (€8.3 billion) over a two-year period as it undertakes a massive plan to expand its operations and modernise its stores with new technology, better layouts and wider product selection.
The retailer said it was aiming to revamp 650 stores across 47 states and Puerto Rico during the next 12 months that would likely create tens of thousands of jobs.
Walmart Supercenter
CEO John Furner said in a statement that the first two new stores are set to open later this Spring in Santa Rosa Beach, Florida and Atlanta, Georgia and convert one of its smaller locations to a Walmart Supercenter.
Walmart had 4,616 stores including supercentres in the United States as of 31 October, according to the company's website.
The company in November raised its annual sales and profit forecasts as it continued to attract inflation-hit customers to its stores with a selection of cheaper groceries and daily essentials.
In January, the US retailer said it would raise the annual average salary and bonus for its US store managers beginning 1 February, taking the average hourly wage at the retail giant to more than $18.
Following the planned move, the average salary for store managers at Walmart will be at $128,000 a year from $117,000. The annual bonus could be as high as 200% of base salary, depending on targets achieved and profits made by the store.
