Commercial Real Estate Recap | October 2018

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HAPPY HALLOWEEN!

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Denver Business Journal : Wal-Mart to close 269 stores, including 2 in Colorado

DAI-Walmart-US-logo 280Wal-Mart Stores Inc. — facing growing competition and pivoting to e-commerce sales — will close 269 stores worldwide, including two in Colorado.

The company — the nation’s largest retailer and Colorado’s biggest private employer — says 154 of the stores to be closed are in the United States. The company said about 10,000 of its U.S. workers will be “impacted” by the closures.

Two Colorado stores are slated to close, both in the Neighborhood Market format:

  • 8196 West Bowles Ave., Jefferson County (Littleton postal address); closing Sunday.
  • 2253 S Monaco Parkway, Denver; closing Jan. 28.

The Arkansas-based company (NYSE: WMT) — which operates the Walmart and Sam’s Cub chains — employs some 25,000 people in Colorado.

“Actively managing our portfolio of assets is essential to maintaining a healthy business,” President and CEO Doug McMillon said in Friday’s announcement. “Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future.”

The company said it considered “financial performance as well as strategic alignment with long-term plans” among other factors in deciding which stores to close. Almost all of the U.S. stores to be shuttered are within 10 miles of another Wal-Mart location.

About two-thirds of the U.S. locations to be closed are Walmart Express stores, the chain’s smallest format.

Wal-Mart has some 11,600 stores around the globe, with 4,500 in the U.S.

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Nationwide, Wal-Mart still plans to open anywhere from 142 to 165 new U.S. stores in the fiscal year that begins Feb. 1, most of them in its Neighborhood Market format.

“It’s important to remember that we’ll open well more than 300 stores around the world next (fiscal) year,” McMillon said. “So we are committed to growing, but we are being disciplined about it.”

Re-posted by: Crosbie Real Estate Group
Read more: Denver Business Journal : Wal-Mart to close 269 stores, including 2 in Colorado

Commercial Real Estate Recap : September 2015

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Commercial Real Estate Recap : June 2015

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Forbes I Wal-Mart Really Wants To Be Your Bank, Retailer Launches Mobil Checking Account

Wal Mart newWednesday Wal-Mart and prepaid card provider Green Dot launched GoBank, a mobile-first checking account that aims to serve the nation’s under-banked.

“GoBank is breaking down the barriers to traditional banking and brings the benefits of a FDIC-insured checking account that’s loaded with features to a large segment of Americans,” said Green Dot CEO Steve Streit in a statement. The accounts will have no minimum balance, no overdraft fees will be charged and account holders will gain access to 42,000 free ATMs.

At $8.95 a month (plus $2.95 for a “starter kit” purchased at a Walmart store) GoBank is not the cheapest checking account around, but the monthly fee will be waived for customers who set up a direct deposit of $500 or more. According to Streit an independent Bretton Woods study found that customers pay approximately $218 to $314 annually for a basic checking account. That means even folks paying GoBank’s monthly fee ($107.40 annually) should come out ahead.

Echoing a sentiment shared when the retailer launched its Bluebird prepaid card with American Express in 2012, Daniel Eckert, senior vice president of services for Walmart U.S. added, “Walmart customers want easier ways to manage their everyday finances and increasingly feel they just aren’t getting value from traditional banking because of high fees.”

Read more: Forbes I Wal-Mart Really Wants To Be Your Bank, Retailer Launches Mobil Checking Account
Re-posted by: Crosbie Real Estate Group