Walmart has unveiled plans to open 500 new stores in China, in a bid to more than double its footprint in the country.
The Arkansas-based retail giant said it plans to open the new stores in China over the next five to seven years, as experts have tipped the country’s grocery market to become the world’s biggest by 2023.
The supermarket chain’s sales in China grew 6.3% last quarter, compared to the same period in the previous year and higher than its 2.5% worldwide growth.
Walmart unveiled plans earlier in the year plans to plow more than $1bn into its China business in the face of growing competition from local and online retailers.
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