By Erik DeFruscio
Wal-Mart Stores Inc. plans to expand in China by opening 115 new stores by 2017. The company plans to open the stores between 2015 and 2017, including super center’s and Sam’s Club formats, creating more than 30,000 jobs in Shanghai, Shezhen, Changsha, Whuan and many other cities.
At a news conference in Beijing on Wednesday, CEO Doug McMillon said, “Our aim is to become an integral part of China’s economy.” The expansion of Wal-Mart, almost one-third by presence in China, is part of the company’s multi-format strategy which started due to slowing economic growth and increasing competition from online grocery stores.”
The company will also focus on remodeling and upgrading existing stores in China and has announced that it will remodel more than 50 stores in 2015 alone. According to Wal-Mart’s annual report, as of the end of 2014, the company has 411 stores in China.