Although the extent of the store closures, which amount to fewer than 1 percent of Wal-Mart's global store footprint, should not be overplayed, they represent a change in focus for the world's largest retailer," said Neil Saunders, CEO of Conlumino retail research firm.
"It is notable that Walmart has opted to shutter all 102 of what was once called its Express format stores. While this store type is aligned with the trend of shopping more locally, it has faced stiff competition from the rise and rapid growth of dollar stores."
Wal-Mart CEO Doug McMillon told analysts in October that the retailer would be evaluating its store portfolio.
"No doubt our business has become both large and broad. It is more important now than ever that we evaluate our portfolio," he said. "We have closed stores across several markets and we will continue reviewing our fleet in a disciplined way."
Wal-Mart is just the latest retailer to announce a large number of store closings. Macy's said this month that it will shutter another 36 stores early this year, and Finish Line said that it would close 150 stores by 2020.
Meanwhile, after closing nearly 600 stores in a one-year period, Sears Holdings is shuttering another round of locations across the U.S.
Wal-Mart shares were up roughly 3 percent on the year ahead of the announcement.