Walmart further culls China network
US retailer Walmart continues to trim its China network in a challenging trading environment.
Walmart says it plans to shut down five more stores in China this month in addition to the stores it shuttered in Chongqing, Jiangsu and Hunan.
The retailer’s media director for China, Zhang Xuejing, confirmed the plan.
“As part of this store closure plan, we have announced that we will close some nonperforming stores where needed. This is to enable us to continue to grow in China with more quality stores,” Xuejing said.
Research company Kantar Worldpanel said many Western retailers faced further pressure from local retailers in China like Sun Art which are expanding at a rapid pace.
But Walmart, has reaffirmed in 2013, it remains committed to the Chinese market with a plan to add 110 new stores between 2014 and 2016.