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Wal-Mart Stores Inc. said Monday it plans to scale back on U.S. store growth and focus on improving stores and merchandise.

Eduardo Castro-Wright, chief executive of Wal-Mart's U.S. division, told analysts gathered at the retailer's annual investor meeting that the company would build 191 stores this fiscal year, trimming even further to 142 to 157 new stores in fiscal 2010.

The retailer's plans included flexibility to account for an uncertain economic environment and allow it to focus on remodeling existing stores and merchandise improvements.

The company also revealed plans to relaunch Great Value, its private grocery label. Andrea Thomas, Wal-Mart's senior vice president of private grocery brands, said the company has tested more than 5,500 own-label products against national brands and is reformulating 1,200 products. The brand will be relaunched, complete with new packaging, in the first quarter of fiscal 2010.

In more near-term plans, the retailer also plans to introduce a new holiday marketing campaign that speaks directly to the economic hardships of families, showing a mother being able to give her children everything they want by shopping at Walmart. The campaign will be coupled with in-store execution that will include multiple "gift destinations" featuring $5 and $10 items.