Walmart China plans to build 30 new retail stores and warehouses this year as part of its three-year development plan in China, the company announced Tuesday.
The upgrade will accompany a Yn580m (US$93m) investment in upgrading 55 existing outlets in two-tier, three-tier and four-tier cities across the country, reports Reuters.
In October 2013, Walmart announced it would speed up investment in China in the coming three years, with 110 stores and distribution centres to open, creating 19,000 new jobs.
As part of the development, 20 underperforming stores are being closed, including retail stores in Hangzhou. The closures represent 9 per cent of China Walmart’s stores, but account for only 2-3 per cent of total sales volume, said outgoing CEO Greg Foran in a statement released last October.
Walmart has been operating in China since the mid-90s and currently operates 400 stores nationwide.
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