Thursday, October 24, 2013
Wal-Mart to open up to 110 new China stores
Wal-Mart will open up to 110 facilities in China between 2014 and 2016, in addition to the 30 it has already opened this year, it said at a press event in Beijing on Thursday.
Wal-Mart has closed 11 stores and is looking to close 15-30 others over the next 18 months, said Greg Foran, chief executive of Wal-Mart China, in what he called part of a rationalization process.
The U.S. company is tackling tough global economic conditions and a fundamental change in China's retail sector, as annual sales growth slows and consumers move towards shopping online.
Wal-Mart wants to profit from China's changing retail landscape by embracing e-commerce, which is expected to record 32 percent composite annual growth between 2012 and 2015, according to Bain & Co.
"Customers are using technology more, and especially here in China," said Wal-Mart Chief Executive Officer Mike Duke. Read more >>