Walmart shares closed in the green Thursday, after the US grocer announced plans to increase its toy stocks this Christmas, in an attempt to capitalise on the demise of Toy ‘r’ Us. The retailer said it will have 30% more toys in store and 40% more online for shoppers to choose from.
Walmart shares ended the US Thursday session 0.48% higher at $96.10. After jumping mid-month, the stock has been steady-to-a-little lower more recently.
Walmart’s toy sale plan
Walmart announced Thursday, that it will stock and sell more toys than ever before, ahead of the 2018 holidays. The move comes ahead of the first Christmas season after Toy ‘r’ Us went bankrupt.
“Walmart has always been a destination for toys. Parents shop us for our wide selection of top brands and because we bring fun to stores in ways that only Walmart can,” said Walmart’s VP of toys, Anne Marie Kehoe.
“But today, we are making even bigger investments in the category to ensure we have the widest selection of toys at the best prices and an unmatched in-store and online experience to show customers the best place to shop for toys is Walmart,” Kehoe added.
More space for bigger choice
As well as offering a larger selection of toys than ever before, Walmart is also set to dedicate larger aisles and more store space, to help ensure the toys and games will have pride-of-place in many of its bricks and mortar locations.
Walmart said it will:
- Sell toys from new brands it hasn’t stocked before.
- The top 40 toys as judged by kids.
- Begin special toy showcase events from September.
- Open a speciality toy shop on Walmart.com.
While Walmart is expecting to improve its profits on the all-important toy sector in the run up to and during this year’s holiday season, it isn’t the only US store hoping to take advantage of the gap left by Toys ‘r’ Us.
Target and Party City are both working towards gaining a bigger share of the US toy market this year.