Wal-Mart Confirms Entrance Into California Market in 1990
Wal-Mart Stores Inc., the highly successful discount chain based in Arkansas, confirmed Monday that it plans to enter the California market in 1990, with stores in Madera, Stockton and Elk Grove.
The first opening is scheduled for next summer in Stockton, where Wal-Mart will build a 110,580-square-foot store that the company said will create about 245 jobs.
The Sacramento office of Riley/Pearlman, a commercial real estate firm based in Los Angeles, will develop the shopping center that will house the Wal-Mart.
Openings of stores in new centers in Madera and Elk Grove are planned for fall, 1990.
Wal-Mart, based in Bentonville, Ark., now operates 1,307 discount stores in 25 states. It also runs 108 Sam’s Wholesale Clubs, three Hypermart USA stores, 14 Dot Discount Drug Stores and 16 distribution centers.
The company reported sales of $20.6 billion for the year ended Jan. 31, making it the nation’s third-largest retailer after Sears, Roebuck & Co. and K mart. A fast-growing company, Wal-Mart plans to open 155 stores in 1989 and expects to surpass $25 billion in sales this year.
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