The world's largest retailer Walmart, which has over 400 outlets in China, plans to invest $94 million and open 30 new stores in the booming communist nation this year, according to a top company official. With no restrictions on FDI in retail in China, Walmart said it will continue to develop businesses in the country's big cities. And more supercenters will be built in third- and fourth-tier cities to serve emerging consumers amid China's urbanisation drive, state run Xinhua news agency reported. It also plans to open two new branches of its "Sam's Club" chain of membership-only retail warehouses in Wuhan of central China's Hubei Province and Changzhou City in east China's Jiangsu Province in 2014. "Sam's Club has great potential being particularly attractive to the growing number of middle and high-income shoppers," the report quoted incoming president & CEO of Walmart China Sean Clark as saying. The retailer also decided to invest about 580 million Yuan ($94 million) to upgrade about 55 old outlets, aiming to improve operational performance and customer experiences. Walmart has been enhancing operational efficiency to lower costs while ensuring product quality and safety, Clark added. Last October, Walmart had announced it would speed up development in China in the next three years by opening 110 stores and distribution centres and creating 19,000 new jobs. By the end of April, it has over 400 outlets in the country.
Walmart announces 30 new outlets in China
Company plans to invest $94 million in the country
Press Trust of India |