A woman shops at a Wal-Mart store in California. The retail chain announced on Wednesday that they will be opening 30 new stores in China this year. (Photo : Reuters)
Wal-Mart will be opening 30 new stores in mainland China in 2015 as its market share in the world’s second largest economy continues to grow, the company announced in a press release on Wednesday.
The U.S. retail giant will also invest more than 370 million yuan ($59.4 million) to upgrade the company's 50 stores in the country.
Wal-Mart has confidence in the Chinese market, Sean Clarke, CEO of Wal-Mart China, said in the press release.
As of the end of 2014, Wal-Mart has experienced market share increases in the China's hypermarket sector for eight consecutive quarters, according to data from market research firm Nielsen Co.
Among Wal-Mart's top four stores worldwide in terms of revenue in 2014, three of them are Sam's Club warehouse outlets in China, the press release said.
A Sam's Club in Shenzhen in south China's Guangdong Province has earned the no. 1 spot in sales revenue for the past year, surpassing other Wal-Mart stores around the world for the seventh year in a row.
Wal-Mart's growth in China comes in contrast with other foreign retailers who, in recent years, pulled out from the country or opted to cooperate with local partners due to fierce competition in the Chinese retail industry.
In 2013, U.K. retailer Tesco established a joint venture with Hong Kong-based China Resources Enterprises. In the same year, Chinese retailer Wumart Stores acquired 36 outlets from Thai retailer CP Lotus in China.
Wal-Mart has also laid off more than 20 mid-level management jobs in China in a bid to lower costs, media reports said in Nov. 2014.
