Wal-Mart to open 100 more stores in China by 2015
SHANGHAI Oct 26 (Reuters) - Wal-Mart Stores Inc plans to open 100 more stores in China and create 18,000 jobs there over the next three years, it said on Friday, in a bid to boost its presence in China's booming but highly competitive hypermarket sector.
Wal-Mart, which has 370 stores and over 100,000 employees in China, was a pioneer in the market, but now faces much greater competition from Britain's Tesco Plc, Germany's Metro AG, France's Carrefour and domestic firms, as well as a slowing economy.
China's hypermarket sector, in which retail sales reached 506.9 billion yuan ($81 billion) last year according to Euromonitor, includes the world's three largest retailers in Wal-Mart, Carrefour and Tesco, and domestic brands led by Sun Art Retail Group.
- Tweet this
- Share this
- Digg this
- Ukraine launches 'gradual' operation, action limited |
- Battle over Scottish independence slightly tightens in new poll
- Poland: NATO should send troops to east Europe, ignore Russia's objections
- UPDATE 16-Tennis-Monte Carlo Masters men's singles results
- Scores rescued from sinking South Korean ferry, two dead - officials