Days after announcing pay raises for employees and stock options for store managers, Walmart has announced plans to remodel hundreds of existing stores and open more than 100 stores over the next five years.

In a blog post Wednesday, John Furner, president and CEO of Walmart U.S., said the company is planning to planning to build or convert more than 150 stores in the next five years, starting with opening two new stores this spring. Both will be the smaller-format Neighborhood Markets, and will open in Santa Rosa Beach, Florida and Atlanta, Georgia.

Walmart is also finalizing construction plans on 12 new projects to start this year, Furner wrote, including converting a smaller location to a Walmart Supercenter.

In addition, Furner said Walmart will remodel 650 existing stores across 47 states and in Puerto Rico over the next 12 months.

Walmart stock split:What the retail giant's 3-for-1 split means for investors

What does Walmart's Store of the Future look like?

First announced in 2023, the Store of the Future concept is for brick-and-mortar Walmart stores. Through upgrades and renovations, it aims to "deliver a more modern shopping experience," according to the company.

"Our new and remodeled stores will reflect Walmart's Store of the Future concept, featuring improved layouts, expanded product selections and innovative technology to help our associates better support our customers and make shopping more convenient and enjoyable," Furner wrote.

Inside, the stores will have new paint, new signs and more shopping carts, as well as a new checkout design at the front of the stores. The stores will also be laid out to give more space to both shoppers and employees.

Walmart's pharmacies will be expanded, moving to the front of the store with private screening rooms. The vision centers will also be updated, and will offering an expanded assortment of designer eyeglasses and sunglasses, plus prescription options.

Stores will add corner displays where customers can interact with items, and other departments are pulling big merchandise from boxes and placing them straight onto shelves. Walmart said it is adding "digital touchpoints" throughout stores to provide more information on products and services.

Walmart promises pay raises to new and existing employees, stock options for store managers

Starting Feb. 1, the base pay for Walmart store managers will increase from $117,000 to $128,000 a year, and depending on a store's profit, annual bonuses could reach up to 200% of a store manager's salary. Walmart said it will invest in its non-salary workers by increasing the hourly wage to over $18.

Furner also announced in January that store managers will receive an annual grant of Walmart stock starting in April. The amount is based on store format, and superstore managers, the largest stores that Walmart operates, will receive $20,000 in stock every year.

Contributing: Emilee Coblentz, USA TODAY.