Wal-Mart announced a new "urban strategy" to move into cities that have traditionally been hostile to the big box retailer. Smaller format stores will concentrate on selling groceries, which account for about half the company's sales already.
The stores will be in the range of 20,000 square feet and will feature fresh food and prepared take-out. The San Francisco Bay Area is a target, as the company hopes to open two dozen stores in the region. "Wal-Mart is throwing out their old playbook," said Garrick Brown, VP of research at Colliers International, to the Chronicle. "They're going after the urban market, which they haven't been able to penetrate, mostly because of their size." Brown said that a company source expects Wal-Mart to open between 300 and 400 new city-centric stores nation-wide.
Thanks to Amy Heibel
FULL STORY: American Banking News
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