Wal-Mart to build 115 new stores in China by 2017

[BEIJING] US retailer Wal-Mart Stores Inc will build 115 new stores in China by 2017 and upgrade 50 stores this year, the company's chief executive said on Wednesday. "China is a key strategic market for Walmart. Over the next three years wee will increase investment across our diverse business operations in China," Chief Executive Doug McMillon said in a press release issued on Wednesday.

The company said it would open 115 new stores in Chinese cities such as Shanghai, Shenzhen and Wuhan between 2015 to 2017, and also plans to invest more than 370 million yuan (S$78.6 million) to remodel more than 50 stores this year.

The giant US retailer has been changing tack in China to stave off slower growth, closing some under-performing stores and giving more emphasis to the faster-growing online grocery market through its Yihaodian.com platform.

REUTERS