Retail giant Walmart announced Jan. 31 its plans to open 150 new stores, looking to further expand the “store of the future” concept, which aims to transform the shopping experience with a larger product selection and improved layouts, among other new features.

The company plans to build or convert more than 150 locations in the U.S. in the next five years, while simultaneously remodeling existing stores.

In a more short-term strategy, Walmart is set to remodel 650 stores across 47 states and Puerto Rico within 2024.

Related articles: Walmart COO on AI's impact on retail

“I’m excited to say the first two new stores under this initiative, both Neighborhood Markets, are set to open later this Spring in Santa Rosa Beach, Florida and Atlanta, Georgia. We’re also finalizing construction plans on 12 new projects we intend to start this year, along with converting one of our smaller locations to a Walmart Supercenter,” said CEO and President John Furner in a statement.

The new and remodeled locations will be designed with “sustainability in mind”, added Furner, with energy-efficient equipment and lighting, and lower-impact refrigerants, among other improvements.

The “store of the future” concept has already been implemented in  117 locations across the U.S.