P.M. BRIEFING : Woolworth Steps Up Expansion, Will Open 825 Stores This Year

Woolworth Corp. said today it will open 825 stores in the current year under a revised capital spending program that calls for outlays of $365 million, up from previously announced plans to open 735 stores on outlays of $325 million.

Most of the new outlets will be Foot Locker and Lady Foot Locker athletic apparel and shoe stores, Kids Mart discount apparel stores, Champs Sports athletic goods stores and Afterthoughts/Carimar costume jewelry stores, the company said.

Chief Financial Officer William Lavin said it is too early in the year to say how many of Woolworth’s 8,250 stores worldwide will be closed in 1990. Closures totaled about 200 last year, he said.

Woolworth, which posted income of $329 million in 1989 on revenues of $8.8 billion, has recently shifted its focus to specialty stores from general merchandise operations.

The company’s five-and-dime stores number 1,650, while specialty stores total 6,600.