Business

Walmart closing 296 stores: 5 Tennessee stores shutting down this month

Walmart closing 296 stores: 5 Tennessee stores shutting down this month

Walmart closing 296 stores: 5 Tennessee stores shutting down this month

At least 5 Walmart stores in Tennessee are set to be shut down in the weeks ahead. The news has come as a rude shock for Tennessee residents who always got the most products at the most reasonable prices.

Nonetheless the retailing giant has made it clear that it is not shutting only these five stores but that it is part of larger plan. Reports suggest that Walmart, world’s biggest retailer is shutting down as many as 269 stores around the world.

It is being said that given tough competition from online retailing stores, it is focusing more on large stores that are often called Supercenters besides its own e-commerce business.

walmart black friday deals 2015Latest reports suggest that Walmart has already recognized the five stores that it is aiming to shut down. A report says that the Neighborhood Market at 1220 Gallatin Ave. in East Nashville is included in the list of closures, along with “Express” format stores in Chapel Hill, Loretto, Cornersville and a Neighborhood Market in Dover, which is less than 70 miles northwest of Nashville.

Walmart has confirmed that these five stores will be permanently shut down on Jan. 28. It is needless to say that the Wal-Mart shutdown here will leave a retail vacancy in East Nashville at a time when several national grocery chains, including Publix and Whole Foods, are rumored to be circling the local real estate market.

Wal-Mart has more than 11,600 stores throughout the world including the USA and the 269 stores that it is planning to close make less than 1 percent of Wal-Mart’s global square footage and revenue and were selected based on financial performance.

The move represents a shift in focus for the world’s largest retailer by revenue, which plans to invest in its e-commerce business, raise wages for entry-level employees and expand in-store pickup for customers’ online orders, a service that launched in fall 2015 in the Nashville area. It shows an increased effort on competing with online shopping rival Amazon.

Doug McMillon, Wal-Mart Stores Inc. CEO while talking about the development said in a statement that “actively managing our portfolio of assets is essential to maintaining a healthy business…Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future. It’s important to remember that we’ll open well more than 300 stores around the world next year.”

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