Business

Walmart to open 115 stores in China

Walmart China Image copyright Getty Images
Image caption Walmart will increase its presence in China with over 100 new stores in the next two years

The world's biggest retailer, Walmart, plans to open 115 new stores in China by 2017, the company says.

The move would increase the number of its stores in the world's second largest economy by almost a third.

"Our aim is to become an integral part of China's economy," chief executive Doug McMillon said at a news conference in Beijing on Wednesday.

The push for expansion in China comes as the Asian giant's growth continues to slow.

In February, Walmart said its net sales in China fell 0.7% for the three months to January from a year ago.

The new stores would open in major cities such as Shanghai, Shenzhen and Wuhan from this year and create 30,000 more jobs, the company said. It also plans to spend $60m (£39m) to remodel more than 50 stores this year.

Walmart currently has 411 stores in China, according to its annual report.

But it also said it plans to close some under-performing stores and focus more on the fast-growing online grocery market.

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