Wal-Mart to Expand Presence in China by 110 Stores (Reuters)
The world’s largest retailer, Wal-Mart Stores Inc., will expand its business into China by opening up 110 more facilities there during the next two-plus years. While the company plans on greatly increasing its presence in the world’s second-largest economy, it also is set to close 15-30 retail sites in China during the next 18 months. These moves reflect the changing nature of the Chinese consumer, who is relying more on Internet shopping. With Internet shopping expected to pick up by some 32 percent annually during the next few years, these new facilities also will support Internet purchases. Will this shift in emphasis in China be enough to attract more investors to Wal-Mart and re-ignite the company’s stock? Stay tuned.
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