Despite Strong Homegrown Competition, Walmart To Push Expansion In China

Walmart announced it will speed up development of its China business by opening 110 stores over the next three years. The expansion strategy comes in the face of strong competition from local retailers, the company said, noting that China represents a strategic market. CEO Mike Duke and Walmart China CEO Greg Foran told reporters in Beijing that the company is committed to continued growth in large and small cities across China, and “doing it in the right way”. The company will open stores in so-called tier-two, tier-three and tier-four cities, creating nearly 19,000 new retail jobs. Walmart will focus on building Supercenters and Sam's Clubs, remodeling existing stores, and further investment in its logistics network.