Wal-Mart to open 115 new stores in China
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Since its entry into China in 1996, Wal-Mart has opened 412 stores in 165 cities.
The expansion of Wal-Mart, almost one-third by presence in China, is part of the company's multi-format strategy, which will include super centers and Sam's Club formats in cities such as Shanghai, Shenzhen and Wuhan from 2015 to 2017, creating more than 30,000 jobs.
The US retail chain has spent 600 million yuan ($96.8 million) to remodel more than 90 stores and now plans to invest more than 370 million yuan to upgrade 50 stores this year to better serve the Chinese customers, McMillon said.
Though online grocery businesses have changed the way consumers shop for goods, McMillon said he believes that physical stores would continue to prosper.
"Some people may prefer to shop online, but some shop for fun, and they like to select fresh food for themselves, or maybe they want to go out anyway," he said.
Raymond Bracy, Wal-Mart China's senior vice-president of corporate affairs, said that an expanding middle class is encouraging for Wal-Mart to move into the emerging third-and fourth-tier cities, adding that the company would also push for further development of e-commerce.
The retail giant's purchase of a majority stake in the Chinese e-commerce company Yihaodian has been approved by regulators in August.
Since its entry into China in 1996, Wal-Mart has opened 412 stores in 165 cities and partnered with nearly 20,000 local suppliers. ■