Walmart (WMT) will close a store in Coon Rapids Minnesota on Aug. 29 as part of its strategy to modernize and optimize its retail network, Mi Bolsillo reported Thursday.

The decision follows a broader company effort to phase out older store formats and focus on cost efficient modern store experiences, the report said.

Walmart cited the Coon Rapids store's dated layout and weak financial performance as reasons for the closure, according to the report.

"We are grateful to the customers who have given us the privilege of serving them at our store in Coon Rapids. We look forward to continuing to serve them at our many nearby locations, on walmart.com and through delivery to their home or business," a Walmart spokesperson said Friday in an emailed statement to MT Newswires.

Walmart unveiled plans in April to remodel 22 stores in Minnesota, saying it had invested more than $195 million to upgrade store throughout the state over the past five years.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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