Walmart has been aggressively investing in ecommerce to catch up to rival Amazon.
The retailer is cutting back on store growth over the next several years as it invests in digital, the company said Thursday.
"This company over time is going to look like more of an ecommerce company," Walmart CEO Doug McMillon said at the company's annual investor day in Bentonville, Arkansas.
Walmart will open 130 US stores this year, down slightly from the 135 to 155 stores it had originally projected, and also down from the 230 stores that were opened last year.
Next year, it will open just 55 US stores, half of which will be its smaller-format Neighborhood Market stores.
In the meantime, Walmart has doubled its online fulfillment warehouses in the last year to 10, Reuters reports. Industry experts had expected Walmart to have just eight warehouses by the end of 2018.
The company says it's now capable of shipping packages to 70% of America within one day, according to Reuters. But it can't do so profitably, so it hasn't rolled out the service or advertised it to customers just yet.
RELATED: Items you should always buy from Wal-Mart
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Items you should always buy from Walmart (BI)
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Items you should always buy from Walmart (BI)
Name-brand snacks
(Photo by Daniel Acker/Bloomberg via Getty Images)
Legos
The retailer beats out rivals Target and Toys 'R' Us when it comes to Legos deals, Regina Novickis of Slickdeals.com old Go Banking Rates. Other toys may be hit or miss, but definitely stick to Walmart when it comes to Legos.
(REUTERS/Philippe Wojazer)
Photo printing
Walmart is one of the cheapest and speediest options for printing photos, offering 4 inch by 6 inch prints for $0.09 via the home-delivery service. In general, Walmart is less expensive that drugstores that print photos across the board, with a 2013 report finding that Walgreens and CVS charge roughly 40% more than Walmart for the same basket of goods.
(Photo via Getty Images)
Seasonal produce
Walmart deeply discounts items that are in season, reports the Passionate Penny Pincher. Plus, if you see something that you know would be cheaper at Aldi, the store has to price match your weekly Aldi sales flyer. Visit early in the morning to get the best picks.
(Photo by Denise Taylor via Getty Images)
Disposable razors
Razors at Walmart are up to 50% less expensive than at drugstores, Coupons.com’s Jeanette Pavini told Go Banking Rates.
(Photo via Getty Images)
Upscale coffee
Walmart sells 12 ounces of Seattle's Best organic fair-trade coffee for just $5.65. That's less expensive than anything you can find onAmazon or Target.
(Photo via Getty Images)
Simple furniture
If you’re looking to save, you might want to consider ditching Ikea for Walmart, Lindsay Sakraida of DealNews.com told Go Banking Rates. You can find items like a simple student desks for half the price.
(Photo via Getty Images)
Party supplies
A dollar store may be cheaper, but Walmart tends to sell in larger quantities, reports the Passionate Penny Pincher.
(Photo by Anne-Sophie Bost via Getty Images)
Name-brand laundry detergent
Daniel Acker/Bloomberg via Getty Images
Clothing basics
If you need true basics, Walmart has some of the best deals around for T-shirts, tanks tops, and socks, reports the Passionate Penny Pincher.
(Photo via Getty Images)
Regional favorites
To win over local customers, Walmart is working to bring in more local offerings,reports CBS News. That means brands like Blue Bell ice cream in Texas and Colorado Proud locally grown produce in Denver.
(Photo by Jamie Squire/Getty Images)
Office supply basics
If there isn't a deal at Staples, buy your printer paper at Walmart. Tape, envelopes, pens, and pencils are also well-priced, according to the Passionate Penny Pincher.
(Photo via Getty Images)
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Amazon currently offers two-day delivery to members of its Prime program, who pay $99 annually for the service.
Walmart has been ramping up investments in ecommerce as it tries to catch up to Amazon, which had $107 billion in online sales last year, compared to Walmart's $13.7 billion in online sales in the period.
As part of its bid to take on Amazon, Walmart recently purchased online retailer Jet.com. The company has said it expects Jet.com to accelerate its ecommerce growth.
"We are encouraged by the progress we're seeing across our business and we're moving with speed to position the company to win the future of retail," Walmart CEO Doug McMillon said in a statement Thursday. "Our customers want us to run great stores, provide a great e-commerce experience and find ways to save them money and time seamlessly - so that's what we're doing."
