Walmart’s closures will affect a total of nine locations this year, including seven traditional retail locations and two locations in Illinois and Arkansas that operate “pickup only.”
Insider reported that a small chunk of stores have closed every year since at least 2019. The company didn’t say exactly why the locations are closing.
Walmart has nearly 5,000 locations across the United States. It is considered the largest private employer in the country – and is also usually responsible for setting the local minimum wage. The company’s CEO, Doug McMillion, said in December that retail theft could cause the company to close stores.
Related: Walmart is raising its base pay to $14 an hour — raising average wages by $2
On Walmart’s earnings call Tuesday, Walmart CFO John David Rainey said the company has lowered its outlook for next year due to consumers having less cash on hand and interest rate hikes from the Federal Reserve. Walmart and Home Depot are bracing for a tough year ahead, according to CNBC.
“The consumer is still under a lot of pressure”, Rainey told CNBC. “And if you look at economic indicators, balance sheets are getting thinner and savings rates are going down from previous periods. And that’s why we have a very cautious outlook on the rest of the year.”
Walmart said store performance was a factor in a statement: “This decision was not taken lightly and was reached only after a thorough review process… We have nearly 5,000 stores across the United States and unfortunately, some do not meet our our financial expectations. While our underlying business is strong, these specific stores have not performed as well as we had hoped.”
As Insider noted, the company’s attempt to go into a pickup-only model seems to have been overlooked—both locations with those models, Bentonville, Arkansas and Lincolnwood, Illinois, are closing.
Here’s the full list of locations Walmart has confirmed will close this year or has already closed:
- Bentonville, Arkansas. 3701 SE Dodson Road
- Pinellas Park, Florida. 6900 US Highway 19 North
- Homewood, Illinois. 17550 South Halsted Street
- Plainfield, Illinois. 12690 South Route 59
- Lincolnwood, Illinois. 840 N. McCormick Boulevard
- Albuquerque, New Mexico. 301 San Mateo Boulevard SE
- Portland, Oregon. 1123 N. Hayden Meadows Drive
- Portland, Oregon. 4200 SE 82nd Avenue
- Milwaukee, Wisconsin. 10330 W. Silver Spring Drive