Walmart (Bentonville, Ark.) spent $4.9 billion on remodeling its stores and Sam’s Clubs in its most recent fiscal year, up from $3.2 billion a year earlier, and just $33 million on new store openings, down from $134 million.
The company provided those spending figures in its just-released annual report/Form 10-K for its 2023 fiscal year ended Jan. 31, which also showed its biggest capital expenditures for its most recent fiscal year were on supply chain, customer-facing initiatives and technology ($9.2 billion, up from just under $7.2 billion the year before).
“Our strategy includes improving our customer-facing initiatives in stores and clubs and creating a seamless omni-channel experience for our customers,” said the section of the report on strategic capital allocations. “As such, we continue to allocate more capital to supply chain, omni-channel initiative, technology and store remodels, and less to new store and club openings.”
The report did not detail how many store renovations and openings the dollar figures provided resulted in.