Wal-Mart Fullfills Promise Opens Four New Stores in China
Wal Mart will be opening four new stores in China as the company is fulfilling its pledge to boost their presence in booming and competitive market sector in China. Two stores will be located in Guangdong namely in Zhuahai and Huizhou, one in Yunnan and one in Fujian and are only a small segment in the 30 new stores that the company is planning to open in China.
Before the year ends Wal-Mart is planning to open another store in Shenzhen in Shajing Bao’an district. More stores will be open in cities including Tianmen in Hubei and Xinyu in Jiangxi province. So far Wal-Mart has 370 stores with more than 100,000 employees but is still facing tough competition from other large scale retailers and online retailing.
Amid a slow economy the company had to close 3 stores in China in April but has reaffirmed its customers that they will be continuing to invest in the Chinese market in hopes to maintain the rapid and steady growth and fulfill its promise to open more than 100 new stores in the country in the next three years.
Other foreign retailers are facing challenges in China as seen by Tesco the third largest retailer is withdrawing from China after doing business in the country for nine years. earlier this month the company closed its stores after signing a deal with China Resources Enterprises in creating a joint venture in which the Tesco remaining store to merge under the Vanguard brand.