Wal-Mart Stores, Inc. (WMT) To Open At Newport News, VA
Wal-Mart Stores, Inc. (NYSE:WMT) is set to open a new Wal-Mart Neighborhood Market at the former Kmart building at 401 Oriana Road in Newport News, Virginia. Gator Newport News Partners LLLP has filed plans to redevelop part of the 12.34-acre site, including much of the former Kmart building.
The first phase of the plan includes demolition of part of the former Kmart building to prepare the site for a new 43,000-square-foot Wal-Mart Neighborhood Market. Once the Wal-Mart store is built, there will still be about 68,000 sq. ft. of remaining vacant retail space, which the property owner could redevelop soon.
Proposed Redevelopment Plan
A city staff presentation mentioned that the proposed plan could serve as a catalyst for the “revitalization” of the remaining of the site and also for the adjacent commercial shopping center. Development plans for the remaining site will be subject to review and approval by the city’s planning director.
A plan to develop gas station and a convenience store is already submitted to City Council and is scheduled for review on January 27, 2014. The Newport News Planning Commission recommended a conditional use permit for the gas station. A traffic study has recommended changing the traffic signal location at the intersection of Warwick Boulevard and Oriana Road. Plans also include development of landscaped islands and improvement of parking lot at the site.
Wal-Mart at Newport
The proposed building at Denbigh’s commercial market will be the city’s fourth Wal-Mart. Wal-Mart Stores, Inc. (NYSE:WMT)’s recently built a Wal-Mart Neighborhood Market at the Mercury Plaza Mall Shopping Center in Hampton. Other two sites are located at the corner of Jefferson Avenue and Harpersville Road in Newport News.
The fourth Wal-Mart will come to a space previously operated by a Kmart store and Food Lion grocery store. Kmart shut down its operations in the April 2014, while Food Lion closed in the mid-1990s.
All Time High for Wal-Mart Wednesday
Wal-Mart Stores, Inc. (NYSE:WMT) marked its all-time high of $88.68 during Wednesday’s session.
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