May Department Stores Plans Expansion: The St. Louis-based retailer said it plans to invest more than $5 billion over the next five years to open 125 new department stores and 1,200 more of its Payless ShoeSource stores. The plan also calls for the remodeling of 100 existing department stores, half of which will be expanded, Chairman David C. Farrell told shareholders at the firm's annual meeting. May will open a record 23 department stores this year, many in new markets, he said. The company also plans to open 259 Payless ShoeSource and 106 Payless Kids stores in 1995. The new stores for 1995 include seven for the Kaufmann's chain; four each for the Lord & Taylor, Hecht's and Filene's divisions; two for the Foley's unit, and one each for the Robinsons-May and Famous-Barr chains.