Walmart will open or expand 150 stores

TheStreet’s J.D. Durkin brings you the biggest news of the day, how the market fared and Walmart’s new expansion plans.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange.

00:03 Stocks were in the red to close out today's session.

00:05 The Dow closed down over 300 points, the tech-heavy Nasdaq closed 2.2% lower, while the S&P 500

00:12 closed 1.6% lower.

00:14 This all comes as investors continue to react to the Federal Reserve's latest policy decision.

00:19 The Fed held rates steady yet again and also indicated that it is not yet prepared to cut

00:24 rates due to persistent inflation.

00:27 Separately, investors are still monitoring earnings from some of the big tech giants,

00:31 names like Apple, Amazon, and Meta, all set to release quarterly results on Thursday.

00:37 In other news, the country's largest retailer is about to get a little bit bigger.

00:41 Walmart has announced plans to either open or expand 150 stores over the next five years.

00:47 The announcement comes as a bit of a surprise as the company previously said it had no intentions

00:52 of opening new locations.

00:54 Walmart, which currently has more than 4,600 locations, as well as 599 Sam's Club stores,

01:02 says most of the new stores will open in new locations.

01:05 The company also said it plans to remodel about 650 locations over the next year, and

01:10 that's on top of the $9 billion it's spent upgrading 1,400 stores over the past two years.

01:17 Walmart CEO John Furner posted a statement about this news, saying, "Our new and remodeled

01:23 stores will reflect Walmart's 'Store of the Future' concept, featuring improved layouts,

01:28 expanded product selections, and innovative technology to help our associates better support

01:33 our customers and make shopping more convenient and enjoyable."

01:38 The company currently employs about 1.6 million Americans, and approximately 90% of the entire

01:44 U.S. population lives within 10 miles of a Walmart store.

01:49 That'll do it for your daily briefing.

01:50 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.

01:53 Thanks for watching.

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