Wal-Mart Stores Inc. has announced a shift in strategy for its expansion in China, as it looks to keep up with the evolving retail culture in the country.
The world’s biggest retailer will open 110 new stores in China between 2014 and 2016, along with the 30 it already launched this year. Speaking at a press event in Beijing on Thursday, the general merchandise specialist said it had closed 11 stores and is looking to close another 15-30 over the next 18 months.
The move is part of what Greg Foran, chief executive of Wal-Mart China described as a rationalisation process, as the country’s consumers continue to switch to shopping online instead of in bricks-and-mortar stores.
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