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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-27-08 06:50 PM
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Wal-Mart cutting US store openings further
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Source: Reuters

28 Oct, 2008, 0348 hrs IST, REUTERS

CHICAGO: Wal-Mart Stores Inc is slowing the pace of US store openings and cutting back on capital spending, as it seeks to boost sales at existing locations by remodeling stores and improving its merchandise selection.

The world's largest retailer also said on Monday that as the US economy reels from tighter credit, mounting job losses and falling home prices, it is attracting more higher-income shoppers.

Traffic at stores serving households with income above $65,000 has been growing much faster than at the chain as a whole, Wal-Mart U.S. President and Chief Executive OfficerEduardo Castro-Wright said at the retailer's annual analysts' meeting, which was broadcast over the Internet.

Wal-Mart's U.S. division plans to open 191 stores in the current fiscal year, which ends in early 2009, and 142 to 157 stores in the next fiscal year, Castro-Wright said. The company opened 218 US stores in fiscal 2008.


Read more: http://economictimes.indiatimes.com/International_Business/Wal-Mart_cutting_US_store_openings/articleshow/3647913.cms
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