Walmart China to add 30 stores
Walmart China plans to open 30 new stores in China this year, according to media reports from China.
In addition to the store openings, the US-based retail giant says it will invest US$59.11 million in upgrading about 50 existing stores to modernise them.
According to a report in the Shenzhen Daily newspaper, five or six of the new hypermarkets will be located in the Guangdong province and two will open in undisclosed locations in Shenzhen. The company already has about 80 stores in Guangdong and four distribution centres.
Walmart has struggled to gain traction in China despite its enormous buying power and the importance of the nation as a product source for its global store network.
But it has still managed to build a 400-store strong network, despite intense competition from local rivals.
The Shenzhen Daily said Walmart China had increased both its sales and profit last year.
It reported the Sam’s Club in Shenzhen’s Futian District is the top-selling Walmart store worldwide.