Wal-Mart Continues Expansion by Opening More Stores
Wal-Mart Stores Inc. the world’s largest retailer will be opening 30 new stores in China with one in Shenzhen before the year ends. Making true to its promise to expand investment in China. The move is aimed to woo customers and increase their competitive power.
The company is also planning to spend 500 million yuan to upgrade its 50 outlets found around China after the company renovated 31 of its stores last year. And as part of its upgrade a new distribution center will be built in Wuhan. The new store will be located in Longgang and will open its doors by the end of the month. Other stores that will be opened will be in Shantou and in Xinyu. With the opening of new stores Wal-Mart will be closing some not due to the rising rent and labor costs but to gain more advantage by having a better store position.
The president of Wal-Mart’s China division Greg Foran assured residents that the company will continue their investment in the Chinese market to maintain a steady and rapid growth, and at the same time fulfill the commitment of opening more than a hundred stores in the country in the next three years.