Walmart is considering how to find new uses for underutilized real estate at its stores in the U.S. A Walmart executive recently told attendees at a retail conference that the company is thinking about redeveloping vacant land and underused parking lot space for restaurants, stores, parks, entertainment venues, farmers’ markets and more.
Called “Walmart Town Center,” the concept is going to be tested at a store in Colorado where the retailer owns 12 acres of vacant land next to the store, as well as 6-8 acres for parking. Walmart will break ground on the project next spring.
“A transformation is underway,” said LB Johnson, vice president of U.S. Realty Operations for Walmart, who he addressed the 2018 International Council of Shopping Centers (ICSC) Southeast Conference & Deal Making, as reported in the Atlanta Business Chronicle.
“We are working with the local community to really master plan a vision, not only for Walmart, but shared with the municipality. We are using terms like collaboration space. We are thinking through dwelling space ... We are going to hold ourselves accountable to the community to improving well being.”
Walmart has indicated that it has plans for a number of projects in several states.