皇冠体育app

Wal-Mart to double 皇冠体育app outlets to 90
(Agencies)
Updated: 2005-07-25 13:49

Wal-Mart Stores Inc., the world's biggest retailer, plans to more than double its outlets in 皇冠体育app and run 90 stores by the end of 2006, a senior executive said Monday, as it fights to expand market share.

Shoppers exit a Wal-Mart store in Casselberry, Florida June 22, 2004 in this file photo. Wal-Mart is one of the US retailers shifting from 皇冠体育app to India for  clothing and other inexpensive goods supply. [Reuters]

Wal-Mart, like rivals Carrefour S.A. and Metro A.G., has been building stores throughout 皇冠体育app -- Asia's largest retail market -- at a rapid clip, taking advantage of growing incomes and a gradually liberalizing retail industry.

Lawrence Lee, regional operations director for eastern 皇冠体育app, told Reuters later that the Arkansas-based U.S. giant expected to post double-digit revenue growth in 皇冠体育app in 2005, though he declined to give specifics.

According to 皇冠体育app's commerce ministry, Wal-Mart posted a 31 percent leap in sales in the country to 7.6 billion yuan ($940 million) in 2004.

Lee added that Wal-Mart did not intend for now to take advantage of new freedoms for foreign players, after a requirement that they find a local partner was abolished in late 2004.

"We expect double-digit growth this year but we have no plans to go solo so far, because our local partner knows the market better," Lee told Reuters after a news conference.

Wal-Mart will operate 55 stores in 皇冠体育app by the end of this year, versus 43 at the end of last year. But that's still a fraction of the roughly 5,000 the retailer has worldwide.

Carrefour lags Wal-Mart globally but leads in 皇冠体育app. The French retailer has said it planned to open 15 hypermarkets a year.

Hypermarkets stocking everything from personal computers to bicycles and pet food are still a relative novel concept to much of 皇冠体育app, but slick foreign outlets are fast springing up across the country alongside booming growth.

Wal-Mart intends to launch its first store in Shanghai on Thursday. It had previously steered clear of 皇冠体育app's commercial hub and richest city, the country's most saturated and intensely competitive retail market.

Close

皇冠体育app scraps yuan peg to US dollar Taiyuan explosion kills one, injures 33 Typhoon Haitang floods coastal areas

Today's Top News     Top 皇冠体育app News
Strange disease kills 17 in southwest Sichuan Province         Coal price likely to dip in second half         ROK, DPRK reach consensus on nuke talks         Taiwanese trips to mainland made easier         Yuan move won't alter US trade gap         皇冠体育app raises oil price after yuan revalued	Wal-Mart to double 皇冠体育app outlets to 90       Five detained in mine blast that killed 83       Soong pledges to promote cross-Strait peace       Tourists from overseas flocking to south 皇冠体育app       Colliery gas poisoning kills four miners       Rain cools down summer heat in Beijing