Wal-Mart Eyes Larger Chinese Market

Retail giant Wal-Mart will build new stores in China within the year to further strengthen its hold in the local market. Wal-Mart Asia Chief Executive Officer Scott Price, who was attending the Global Summit of Women 2010 in Beijing, was quoted as saying that the company is planning to add 10 million square feet to its existing store space in China. Calling it a “huge expansion," Price said the American retailer currently operates around 200 stores in 87 Chinese cities. The company also said it plans to cut energy and resource consumption by 40 percent in 2010 from 2005.