The largest retailer in the world can add as many as 4,000 Supercenters, he said. The company operates just over 1,800 in the US. The company is on track to open 240 to 250 of the stores, which combine groceries with general merchandise, this year.

H. Lee Scott, Wal-Mart's president and CEO, said he would like to see the rate of openings accelerated. "I would like to get as many of those new stores out on the street as fast as we can," he said. One of the motivations to roll out the expansion more quickly includes the fact that zoning requirements in municipalities keep getting tougher, he said. Cities in many states, such as California, have attempted to block Wal-Marts from entering their borders by restricting the sizes of big box stores.

Scott said he would make defending the company from detractors more of a full-time job. As of late, the company has come under fire not only for its expansion plans, but has also faced a sexual harassment lawsuit, as well as other woes. "When you know that somebody is spending $25 million against you just to stop you, someone needs to speak up for Wal-Mart," he said.

Part of that defense will involve the reframing of the company's message, he said. "We went so far on the good jobs and good community, but I'm not so sure we stayed as dedicated as we could have been to good assortment and good price," Scott said.

The company's financial results have lagged a bit of late. Year-over-year same-store sales in its latest quarter, which ended April 30, were up 2.9%. But the retailer's net sales were $70.9 billion, a 9.5% increase over the same year-ago period. Net income was $2.5 billion, a 13.6% jump.