BENTONVILLE, Ark. | Wal-Mart Stores Inc. says it will open fewer supercenters next year and in 2010 and will trim its capital spending budget.
The Bentonville, Ark.-based retailer says it will open 166 supercenters in the fiscal 2009 year ending in January, down from 191 in the prior year. In 2010, it will open just 125 to 140 supercenters.
Many retailers have cut back on their expansion plans due to the downturn in the economy and the consumer spending slowdown.
The world's biggest retailer also says it will cut its capital spending by about $2 billion to about $13 billion. In 2010, the company says it will spend between $13 billion to $14.5 billion for the 2010 fiscal year.
