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Wal-Mart Says To Open 115 New Stores In China By 2017

April 28, 2015: 12:00 AM EST
Wal-Mart Stores Inc. said it plans to open 115 new stores in China by 2017. Speaking at a news conference in Beijing, Wal-Mart CEO Doug McMillon said the proposed expansion is part of the company's efforts to speed up growth in the country. Also, the company is closing some stores that are not performing as profitably as expected and is expanding its focus on the faster-growing online grocery market through its Yihaodian.com e-commerce site. Wal-Mart's expansion will include creating more than 30,000 jobs, as well as investing more than 370 million yuan to remodel more than 50 stores in 2015.
Matthew Miller and Adam Jourdan, "Wal-Mart to build 115 new China stores by 2017 in push to offset slowing growth", Reuters, April 28, 2015, © Thomson Reuters
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