By the end of this year, Walmart plans to begin a $2 billion renovation to its store in Walnut Creek, California, where it operates as a retailer and has long been known for its high-end home decor.
While the store is slated to open in late 2018, the company will also begin to make alterations to the interior of the building to accommodate a new layout, the Wall Street Journal reported on Tuesday.
“We are very excited about the remodel, and the opportunity to provide a new space for our customers and employees to connect and collaborate,” said Scott Hahn, president of Walmart US, in a statement.
The company is also revamping its retail operations, opening an 8,000-square-foot store in the nation’s fourth-largest city, which is home to Walmart’s main flagship store.
While the renovation is only part of a broader plan to transform the company, Walmart CEO Doug McMillon said in an interview that he thinks the project is a positive step forward.
“The biggest thing is, I think this is really good news for Walmart,” McMillon told CNN.
“We’re a big consumer-facing retailer, so it’s great to have that opportunity to be able to connect with our customers in the new space, in the same way they do in the old space.
McMillon said the company has been looking to modernize the store for years, but had to make changes in order to accommodate the store’s changing business model.
“It’s not about what we did in the past. “
Our customers really want to get a different experience, and so we have to do things differently,” he said at the time.
“It’s not about what we did in the past.
It’s about how we do it today.”
McMillon also told the Times that the remodeling is part of an ongoing effort to modernise Walmart’s retail operations.
In an earlier interview with CNBC, he said that the overhaul of the store will bring more retail to the Walmart brand.
A Walmart spokesperson told Business Insider that the renovation project is the result of Walmart’s ongoing discussions with the community, but did not provide any more details.
Walmart plans to open its first store in 2019, with a store in a new building in Santa Fe, New Mexico, where the company operates as its largest store.