Originally published Tuesday, October 28, 2008 at 12:00 AM
Comments (0)
E-mail article
Print view
Wal-Mart scaling back on new store openings
The company is scaling back the growth of its namesake stores in the U.S. and focusing on remodeling existing locations as it responds to a tough consumer-spending climate.
The Associated Press
NEW YORK — Wal-Mart is stealing market share from competitors and is well-positioned for the holiday season, CEO and President Lee Scott told investors Monday.
The company, nevertheless, is scaling back the growth of its namesake stores in the U.S. and focusing on remodeling existing locations as it responds to a tough consumer-spending climate.
Eduardo Castro-Wright, president and chief executive of Wal-Mart's U.S. division, told analysts that the company plans to open 191 stores in fiscal 2009 and from 142 to 157 stores in fiscal 2010. That compares to 218 stores opened in fiscal 2008.
Wal-Mart said it is rolling out Christmas shops, which feature wrapping paper and other décor, but will also be more aggressive in designating holiday gifts throughout the store.
Wal-Mart said it's focusing on expanding its store-label food business.
Wal-Mart officials noted that their company — considered a barometer of the pulse of the American consumer — continues to see firsthand how the mounting financial crisis, including tightening credit, is putting more strain on its shoppers.
Castro-Wright noted that credit-card payments as a percentage of total payments is down 7.4 percent so far in fiscal 2009.
That means that customers are maxing out on their credit cards, says Castro-Wright. That's a big reversal from the robust double-digit growth rates in credit cards over the past three year.
Copyright © 2008 The Seattle Times Company
More Business & Technology headlines...
E-mail article
Print view Share:
Digg
Newsvine
![]()
Q&A : He's tangled up in Windows partitions
Practical Mac: With new features, Apple's MobileMe is worth the price
UPDATE - 05:20 PM
Obama asks House to vote on health care bill

Mourners gather at KeyArena for slain officer's memorial
Mourners gathered at KeyArena for the memorial service of Seattle police Officer Timothy Brenton on November 6, 2009.
nwjobs

Post a comment

Michelle Goodman blogs about work/life balance.
How to tell your office you're gravely ill
Post a comment
nwautos

Choosing a new sedan? Weigh the impact of your choice on your wallet and on the planet.
Post a comment
- Suspect in officer's slaying shot by police
- Suspect shot as city mourns slain officer
- Flags were key link to cop slaying, bombings
- Mourners gather at KeyArena for slain officer's memorial
- Thunder and lightning again lighting up sky
- McGinn pulling away as late ballots come in
- Datsun 210 sought in police shooting
- Briefs | Soccer: New Mexico suspends hair-pulling player Elizabeth Lambert
- Voters expand same-sex rights
- Details emerge about Fort Hood suspect's history
- UCLA game thread
873 - Ref. 71 lead appears insurmountable
451 - Suspect shot as city mourns slain officer
389 - Police respond to shooting at Tukwila apartment
293 - Troubling portrait emerges of Fort Hood suspect
271 - Weapons, bomb-making materials found in suspect's apartment
230 - Unemployment nears 10 pct. as rebound remains slow
169 - McGinn widens lead over Mallahan in Seattle mayoral race
167 - Schools emerge as new tactic in gay marriage votes
89 - Referendum 71 show's Washington's strategy for marriage equality is working
60
- Recipe: Penne with Smoked Turkey Sausage
- Suspect shot as city mourns slain officer
- Suspect in officer's slaying shot by police
- Nancy Leson | An elegant offshoot of Seattle's Wild Ginger in Bellevue
- Flags were key link to cop slaying, bombings
- Voters expand same-sex rights
- Tim Lincecum charged with misdemeanor possession
- Shoreline man killed when struck by falling tree part
- Thunder and lightning again lighting up sky
- Green River Valley: Anxiety ebbs over flooding potential





