Walmart to Increase Investment as Company Plans to Expand in Pingshan New Zone
Walmart is planning to increase its presence in Shenzhen as the company plans to expand their logistics center in Pingshan New Zone. This year the company have already opened a Sam’s Club in Longgang district and a Walmart supermarket in Longhua New Zone.
The announcement of the company expansion was made by Greg Foran who is recently made president and CEO of Walmart China during his meeting with Shenzhen’s mayor Xu Qin. Walmart sales revenue in Shenzhen has reached US$ 300 million in 2011, which placed them first among the company’s 10,000 retail units around the world. Foran also said that they are planning to introduce a new business mode in the Chinese market which uses a low cost and compact market that is popular in Argentina and Mexico.
Foran said that Walmart will play an active role in the development of Qianhai by increasing their investment and they will also increase their purchases of Shenzhen made products that will be incorporated into its global network.
In 1996, Walmart entered the Chinese market by opening its first supercenter and Sam’s Club in Shenzhen. Walmart now operates a number of formats and banners stores such as supercenters, Neighborhood Markets and Sam’s Club in China. And by February 2012, the company has more than 370 stores in 140 cities creating around 100,000 more jobs in China.