(Reuters) - Walmart (NYSE:WMT) said on Wednesday it was 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.
The company said in October it was looking to invest more than $9 billion over a two-year period as it undertakes a massive plan to expand its operations and modernize 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.
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 supercenters in the United States as of Oct. 31, 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.