While expansion in the e-commerce space is the success mantra of most retailers, companies like Walmart Inc. (WMT - Free Report) do not ignore the significance of the brick-and-mortar concept. This is evident from the company’s latest store-oriented moves. There were reports that the big-box retailer introduced a convenience store in Plano, TX and has plans rolled up its sleeves to renovate the North Tampa, FL store. These stores will offer technologically advanced and unique shopping solutions to consumers.
Advanced Store Concepts to Lure Consumers
Walmart maintains its popularity as an omnichannel retailer and explores opportunities to introduce smart and digitally compatible shopping tools across stores. Such moves help the stores adapt to changing retail trends, specifically consumers’ increasing inclination toward technology.
Progressing along such lines, Walmart has introduced a convenience store in Plano, which is equipped with eight fuel stations. Walmart Fuel Stations, already present in Arkansas and Crowley, are slowly gaining popularity and propelling the company to explore more venues for expansion. Going ahead, the company plans to open three more stores in Texas by the end of this year.
Also, this supermarket giant has intentions to refurbish one of its Tampa stores and introduce tech-forward features. These mainly include the addition of self-checkout lanes, pickup towers and easier signage. Per sources, such initiatives facilitate seamless shopping and offer consumers the convenience of technology for a better in-store experience. Notably, the company’s North Tampa store located in Bruce B. Downs Boulevard has already been renovated with such features. Markedly, Walmart plans to renovate close to 12 stores in the Tampa Bay area this year, as part of its $200-million Florida initiative.
Walmart’s dedicated endeavors to enhance brick-and-mortar stores keeps them on par with online sales. Indeed, such moves enable this world’s largest retailer’s stores to be a vital part of omnichannel retailing and establish connectivity between physical with virtual stores. Like Walmart, Amazon (AMZN - Free Report) has also been ramping up in-store experience with features like Amazon Go. Well, such actions are likely to trigger more retailers to imbibe advanced and unique offering to drive traffic. That said, we expect Walmart, whose shares have gained 13.4% in the past year compared with the industry’s 14.5% rally, to come up with more exciting and unique offerings to spice things up in the retail realm. Walmart currently has a Zacks Rank #3 (Hold).
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