Walmart China has announced its plans to open 115 new stores by 2017, expanding its presence in China by almost a third, according to Reuters.
As well as opening new stores, Walmart CEO Doug McMillon told a press conference in Beijing on Wednesday that it would continue expanding into the online retail market through yhd.com, after increasing its online offerings from 18,000 products in 2011 to 8m by 2014.
While Walmart China is looking to expand, McMillon said it would be a long-term investment, focusing on building Walmart’s reputation in China.
“Our aim is to become an integral part of China’s economy… China is a top priority,” said McMillon. “We’ll grow, but our goal is not to be the biggest retailer in China. Our goal is to be the most trusted.”
The announcement comes as Walmart’s net sales in China declined 0.7 per cent in the quarter ending 31 January, with the company closing 29 underperforming stores in China last year.
Walmart China operates 411 stores across China, with the new stores to open in Shanghai, Shenzhen and Wuhan, as well as other cities.
