Walmart to increase toy options at its stores in the US. Credit: Walmart Inc.

Retail major Walmart has expanded inventory of new toys by 30% in offline stores as well as on Walmart.com by 40% in a move to grab market share during the holiday season after competitor seller Toys R Us closed several of its stores.

The company will also allocate more space for the toy section in some stores by reducing the space for seasonal goods such as back-to-school merchandise, reported CNBC.

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Walmart made this move as there is a huge potential for other retailers in the toy market following the recent closure of hundreds of Toys R Us stores.

Commenting on the move, Walmart US toys vice-president Anne Marie Kehoe said: “Walmart has always been a destination for toys. Parents shop us for our wide selection of top brands and because we bring fun to stores in ways that only Walmart can.

“We are making even bigger investments in the category to ensure we have the widest selection of toys at the best prices and an unmatched in-store and online experience.”

“But today, we are making even bigger investments in the category to ensure we have the widest selection of toys at the best prices and an unmatched in-store and online experience to show customers the best place to shop for toys is Walmart.”

Many retailers, which traditionally do not sell toys, are also making moves to tap this market. Gift retailer Party City plans to open 50 Toy City stores this holiday season.

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Party City also wants to expand its toys portfolio by adding more choices across its locations.

Other major retailers such as Kohl’s, Five Below, and JC Penney have also announced their intention to expand their presence in the toy retail market.

Walmart is planning to have more than 2,000 demos in-store, significantly more than last year.