Walmart is pulling back the reins on opening new stores, instead focusing their efforts and money into their e-commerce sector and remodeling already established locations.
Last month, the retailer closed a deal for a more than $3 billion buyout of the fastest growing online retailer Jet.com, which means they’re serious about putting in the investment to grow online presence. Last year, this expansion totaled USD $13.7 billion, a small portion of their annual profit.
Walmart has said that moving forward, they will be investing more of their $11.5 billion capital expenditures on e-commerce and digital initiatives.
“This is the perfect time to accelerate the business,” says Marc Lore, co-founder and CEO of Jet.com, who will be overseeing Walmart.com.
