Walmart Closes Store In China

Walmart Stores closed a store in Chongqing, China, due to poor sales. With poor site selection being blamed for the store’s anemic turnover, the store closure marks the first for Walmart in the city, which the retailer entered 10 years ago. In November and December 2013, Walmart closed 10 stores across the country, due to poor sales and growing competition from online retailers. China’s online retail market accounted for less than 10 percent of total sales of consumer goods in 2013; however, the market posted 1.89 billion yuan worth in transactions during the year. Also, Walmart is facing serious competition from Chinese retailers.