Dallas, Texas 09/09/2014 (ustradevoice) – Wal-Mart Stores, Inc. (NYSE:WMT) is planning another Supercenter store in Memphis, but the company would not discuss the plans just yet. However, people with insider knowledge said that the plans for such a facility are underway, almost to an advanced stage. Although the retailer already has a number of stores around the area in which the Supercenter will be located, experts believe that there are no threats that the Supercenters in Memphis would cannibalize the surrounding stores.
35 Acres For New Supercenter
It is reported that Wal-Mart has spent nearly $4 million to acquire several properties that total 35 acres off Interstate 40. The parcel of land has been earmarked for the development of the retailer’s sixth Supercenter store within the Memphis city area. Usually, the Supercenters measure 200,000 square feet, and they employ between 200 – 300 people.
While Wal-Mart Stores, Inc. (NYSE:WMT) officials declined to comment on the latest property acquisitions in Memphis city, a company spokesperson said that they always look out for a new location so that they can make shopping more convenient and even affordable for their customers. However, the spokesperson said they have not announced plans for a new store in Memphis.
No Negative Impact
According to Danny Buring, the managing partner of The Shopping Center group, sales at Wal-Mart Stores, Inc. (NYSE:WMT)’s stores surrounding the Supercenters have been strong. That means that the new Supercenter that is being rumored will not have a negative impact on the sales of existing stores.
Like most other retail operators, Wal-Mart Stores, Inc. (NYSE:WMT) is actively looking for ways to boost its revenue amid softness in consumer spending and a decline in store traffic. The company is particularly trying to fend off competition from the online rivals such as Amazon.com Inc. (NASDAQ:AMZN). That is why in addition to boosting its brick-and-mortar store presence, Wal-Mart Stores, Inc. (NYSE:WMT) is also increasing its online footprint to catch up with online shoppers.