Wal-Mart plans 115 new outlets
Print Edition
US retailer Wal-Mart aims to grow in China by opening 115 new stores and renovating more than 50 outlets after their Chinese sales fell in the fourth quarter of last year.
The new openings come on top of 412 current stores, including seven member-only Sam’s Club stores, in the next two to three years, according to an e-mail statement yesterday. Wal-Mart will spend about 370 million yuan (US$60 million) this year to upgrade more than 50 current stores.
“China is a key strategic market for Wal-Mart and we will increase investment across our diverse business operations,” Wal-Mart Chief Executive Officer Doug McMillon said.
Sales at stores operating for over one year fell 2.3 percent in the fourth quarter.
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