Posted at: 10/10/2012 10:38 AM
By: ANNE D'INNOCENZIO, AP Retail Writer
NEW YORK (AP) - Wal-Mart Stores Inc. says it's accelerating its expansion of small stores as it looks to compete with a variety of rivals, from dollar stores to drug chains.
The company told investors at its analysts' meeting Wednesday that it plans to have a total of 500 Neighborhood Market stores and a total of 12 Express stores by fiscal 2016 .
Bill Simon, president of Wal-Mart's U.S. division says that Neighborhood Market store have generated a 5 percent increase in revenue at stores opened at least a year for the first half of this year. That's more than double the growth rate of the Wal-Mart's average store.
As of the end of July, Wal-Mart had 10 "Express" stores and had ramped up its "Neighborhood Market" concept to 217 locations.
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