Walmart is a chain that has remained undeterred by the retail downward trend, as other brands are planning to shut down large number of stores across the globe.
The Arkansas-based retail giant, despite a slowdown in China, plans to unveil 500 new stores within next 5 to 7 years in the country.
This would double the number of Walmart stores in China as it presently houses 433 bricks-and-mortar stores.
According to China Daily, the new locations will include a mix of smaller stores and supercentres as well as warehouses to fulfill online orders.
In June this year, Walmart had decided to infuse an investment of over US $ 1 billion in its China division. This decision has paid off positively with sales growing 6.3 per cent last quarter in comparison to the same quarter last year.
Groceries and online shopping are areas that Walmart will hone in on when it comes to their massive growth plan for China, CNBC reported alongside a statement from James Ku, a Senior Vice President at Walmart China, who told the outlet that Walmart will be using ‘multi-format strategies to bring customers freshness, value and convenience.’
The retailer is expected to become the world’s biggest grocery market by 2023.
