CHINA - Wal-Mart has announced its intention to open an additional 30 stores in mainland-China during 2015, bringing the retailer’s count in the country to about 80 stores.
“Wal-Mart has confidence in the Chinese market,” Sean Clarke, CEO of Wal-Mart China, said in the press release, according to a Yibada report.
In addition to the expansion of new stores, the company also announced that it will be investing $59.4 million into upgrading the existing 50 stores in China.
While other foreign retailers have had to pull out in the last several years, Wal-Mart has experienced impressive growth in the world’s second largest economy. According to the release, the company’s Sam's Club located in southern China’s Guangdong Province was number one in the company’s sales revenue category last year. In fact, three of the four top stores worldwide for the company were Sam’s Club warehouse outlets located in China. The company also reportedly experienced eight consecutive quarters of market share increases in the country’s hypermarket sector.
According to the Global Times, the success of such strong performance has encouraged the retailer to continue planning further expansions into this foreign economy. Wal-Mart may have even bigger plans in store, so stay tuned to AndNowUKnow.
