- Walmart shut stores in 14 US states in 2023, citing underperformance
- It also offloaded some 79Moosejaw and Bonobos locations
- Nonetheless, it aims to open or expand 150 stores in the next five years
By Neirin Gray Desai Consumer Reporter For Dailymail.Com
Published: | Updated:
Walmartlast year closed 23 stores across the US, eight of which were in Illinois, it emerged this week.
Overall, its total number of stores fell by 102, from 4,717 in January 2023 to 4,615 a year later.
That's because in addition to the 23 closures, Walmart sold a combined 79Moosejaw and Bonobos locations after selling the two retailers.
The closures were revealed in company filings this week after it also announced that its revenue in the most recent quarter was up 6 percent to $173 billion.
They come despite an announcement in January that the company would expand by more than 150 stores over the next five years.
Walmart this week announced that its revenue in the most recent quarter was up 6 percent to $173 billion
Walmart last year closed 23 stores across the US, eight of which were in Illinois. One Supercenter is scheduled to reopen as a Neighborhood Market in Atlanta but remains marked on the map
Spokespeople for Walmart said the stores it closed were not generating sufficient sales or performing as well as expected.
'We have nearly 5,000 stores across the US and unfortunately some do not meet our financial expectations,' they said.
The closures happened in 14 different states - Illinois, Indiana, Hawaii, Washington, Minnesota, New Mexico, Wisconsin, Florida, Texas, DC, Kansas, Oregon, California, Georgia and Connecticut.
Among those affected were 12 'Supercenters', seven 'Neighborhood Markets' and four 'Discount Stores'.One of those Supercenters is scheduled to reopen as a Neighborhood Market in Atlanta.
It also shut two 'pickup only' experimental stores in Illinois and Arkansas.
Four of the total closures were in Chicago and first announced in April last year.
'The simplest explanation is that collectively our Chicago stores have not been profitable since we opened the first one nearly 17 years ago,' it said in a statement at the time.
'These stores lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years,' they said.
This year Walmart has said it plans to remodel 650 stores. Pictured is a customer shopping in the frozen section of a Walmart in Austin, Texas
Regarding its plans for 2024, Walmart said it would remodel 650 stores across 47 states.
The new stores will feature improved layouts, new products and 'innovative technology' to improve the shopping experience.
The sale of outdoor retailer Moosejaw and Bonobos locations was linked to the acquisition of the two retailers by Dicks Sporting Goods and Express respectively.
Moosejaw operates about a dozen brick-and-mortar locations in the Midwest and around the Great Lakes but is primarily an e-commerce brand.
Menswear retailer Bonobos had around 68 locations around the US.
