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BENTONVILLE, Ark. — Walmart plans to open 115 new stores in China by 2017, which would increase its presence in the country by nearly one-third.
Walmart plans to open 115 new stores in China by 2017, which would increase its presence in the country by nearly one-third.
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"Our aim is to become an integral part of China’s economy," Walmart chief executive officer Doug McMillon said at a press conference in Beijing on Wednesday. "China is a top priority."
The new stores will open in such cities as Shanghai, Shenzhen and Wuhan, the company said, adding that Walmart will also close some underperforming stores and will remodel more than 50.
Walmart finished its fiscal year at the end of January with 411 stores in China. The expansion push comes as Walmart and other global retailers operating in China face increased competition from online and local retailers.
Walmart’s net sales in China declined 0.7% in the fourth quarter ended January 31, and comparable-store sales fell 2.3%.
