Monday, December 10, 2007

Wal-Mart to grow by more than 30 pct annually in China

From Reuters:

Wal-Mart Stores Inc (WMT), the world's biggest retailer, said it will keep expanding in China at more than 30 percent annually, as it won government approval to open its 100th store in the fast-growing consumer market.

The U.S. retail giant currently has 94 stores open in China, with others in preparation, and has opened 24 this year alone, Terrence Cullen, vice-president of development for Wal-Mart in China, said at a news conference on Monday.

"We intend to continue our aggressive, organic growth in China," he said.

Wal-Mart has invested 1.7 billion yuan ($230 million) in China since opening its first store in 1996, and buys around $18 billion of goods a year from mainland factories, importing over 6,600 products from the U.S. for sale in its mainland retail network....MORE