Wal-Mart to Speed Up its Opening of Six New Stores in China
Within a week’s time Wal-mart China is opening six more new stores across China which includes one in Shenzhen. the world largest retailer is making due its promises that reiterated its long term promise to expand investment in the country. To opt for a bigger share of the market the U.S. retailer said that is on it ways to its goal of opening around 30 more stores in China this year. In the next three months the company will see a peak of store openings in Yunnan, Zhejiang, Jilin, Guizhou, Guangdong and Sichuan.
The company is also planning to spend 550 million yuan for upgrades for its 55 outlets across the country after doing several remodeling of old stores last year. The new store in Shenzhen will be found at Henggang in Longgang district plus five other store openings in Yunan, Hunan, Sichuan and Guangxi Zhuang Autonomous Region.
Even when plagued with food safety scandals and store closures the company will be speeding up their expansion in the next three years by adding 110 locations ranging from stores and distribution center and will be adding 19,000 jobs as well.
Wal-mart is also planning to open a shopping center earlier this month and it will be investing 600 milion yuan to create a new community shopping center with a Sam’s Club as its main store. This will be the first time for Wal-mart to develop, manage and build a shopping center in China by itself and the project is set to be completed in the end of 2015 and operational by 2016.