Walmart to open 30 new Sam’s Club locations across the U.S. amid membership growth
Yahoo Finance Live examines Walmart's plans to expand Sam's Club store locations in the United States.
SEANA SMITH: Kicking it off with Walmart ticker WMT, the retail giant looking to capitalize on the rise in spending at Sam's Club with plans to open 30 more locations across the country. It's the most aggressive expansion plan that we have heard from the company in years. Now membership reached an all-time high last quarter. Comp sales jumping 10%. More people are shopping at Sam's Club to save money. They're attracted by those value packs, the cheaper gas, and also the private label products that do, in fact, tend to save shoppers money.
Now new stores will be up about 160,000 square feet. That's larger than most existing locations. Dan Howley is here to help us break down all this that we have going on in "Triple Play." And Dan, that last part, the size of the store, the fact that it's going to be even bigger than what we're used to took me by a bit of a surprise.
DAN HOWLEY: Costco's Kirkland, right?
SEANA SMITH: Yep.
DAN HOWLEY: Yeah, everybody loves those Kirkland pants. You get a pair of Kirkland's, you start walking around, you're basically stunting on people, right? I don't go to Costco. There's-- or Sam's Club.
SEANA SMITH: What about Sam's Club?
DAN HOWLEY: Or Sam's Club. But I do want to start going to those because if you've ever tried to go to a city grocery store, it's the worst thing on the face of the Earth.
SEANA SMITH: But it's hard because it's just you and your wife.
DAVE BRIGGS: So this is, like, on your bucket list?
SEANA SMITH: If you go, you guys are going to be set for months.
DAN HOWLEY: Oh, yeah, yeah. I take the car when I go to the grocery store. It's--
DAVE BRIGGS: I love that you aspire to go to these stores someday.
DAN HOWLEY: One day, I'll be classy enough to go to a Sam's Club.
DAVE BRIGGS: What a goal, man. Hey, man, shoot for the stars, Dan.
DAN HOWLEY: I'm trying.