Wal-Mart has forecast annual growth of over 30% in China, according to local reports today (10 December).
Terrence Cullen, vice-president of development for Wal-Mart in China, told reporters that the company would continue its “aggressive, organic growth in China”, Reuters said.
The US retail giant is said to be focusing on smaller urban centres in China as looks to expand in the fast-growing market.
Reserach analyst ACMR-IBISWorld believes China’s supermarket sector will be worth US$106bn by 2011, with sales climbing 20.5% a year.
The analyst has pointed to the growing spending power of local consumers and state-driven development in rural areas.
Officials at Wal-Mart could not be reached for immediate comment.