Walmart to grow China presence with 115 new stores
The world’s biggest retailer, Walmart, is looking to grow even larger with an announcement that it intends to open 115 stores in China by 2017.
The Far East expansion would see the business increase its footprint within the nascent superpower by a third as it seeks to become a key player in the Chinese economy.
Walmart’s ambitions come at a time of slowing growth in the country, with sales falling 0.7 per cent in the three months to January versus a year earlier.
In light of these challenges Walmart will also close some underperforming stores amidst its 411 Chinese outlets and will spend an additional £39m to remodel 50 stores this year.
Walmart’s strategy isn’t just centred on bricks and mortar however, with the firm also seeking to prioritise the rapidly expanding online grocery sector.