After pulling back on expansion within China in recent years, Wal-Mart Stores CEO Doug McMillon announced Wednesday (April 29) plans to open 115 new stores by 2017. This expansion will expand the retail giant’s footprint by nearly one-third.
"Our aim is to become an integral part of China's economy," McMillon said at a news conference in Beijing on Wednesday. "China is a top priority."
Shanghai, Shenzhen and Wuhan are three cities tagged for new store openings over the next two years. This expansion will create more than 30,000 jobs The retailer also said it will invest $60 million remodeling more than 50 other stores in China this year.
Doing business in China is no easy feat given a highly competitive environment. Walmart International CEO David Cheesewright said in February net sales in China declined 0.7% and comp sales were down 2.3% for the fourth quarter ending Jan. 31.
In its recent annual report Wal-Mart said it operated 411 stores in China as of Jan. 31.