Wal-Mart Stores has publicly reiterated it has set a target of opening over 100 new stores in China in the next three years.
The US retail giant issued a statement yesterday (1 April) that underlined its plans for China. Wal-Mart’s move came after it emerged it will close three stores in China next month, which local analysts suggested was another sign overseas retailers are finding the going tough in the country.
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“China is one of the Wal-Mart’s most strategic markets. Wal-Mart will continue to upgrade our operations and invest in our stores, Clubs and DCs,” Greg Foran, president and CEO of Wal-Mart’s operations, said. “We remain committed to our previously announced plan to open more than 100 new stores in the next three years.”
The world’s largest retailer opened 30 stores in China last year and plans to open the same number in 2013. It has also set out to remodel 50 of Chinese outlets this year. According to data on Wal-Mart’s corporate website, the retailer has 393 outlets in China.
Foran added: “Our aim is to strengthen our business foundation to enable our long-term development in China. We will continually improve our operational efficiency, reduce costs, and lower prices of our products so that they are more affordable for consumers.”
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