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Wal-Mart plans 100 more China stores in 3 years

Posted: October 26, 2012 at 9:42 a.m.

Customers wait to check out at a Wal-Mart Stores Inc. outlet in Beijing in this October 2008 file photo. The retailer says China is a key market for Wal-Mart.

Bentonville-based Wal-Mart Stores Inc. said Friday that starting next fiscal year, it plans to establish about 100 new stores and Sam’s Clubs in China over three years.

The retailer also plans to invest in logistics infrastructure and add 18,000 jobs in China to support the store growth, according to a statement from Walmart International President and Chief Executive Officer Doug McMillon.

“Walmart believes strongly that the Chinese retail industry has great potential thanks to economic growth, expansion of the middle class, fast urbanization and government policies to further boost domestic demand as stipulated in the 12th Five Year Plan,” McMillon said in the statement.

The company said it currently employs about 100,000 workers at 382 stores in China.

photo

Doug McMillon Named President and CEO of Wal-Mart International. (PRNewsFoto/Wal-Mart Stores, Inc.) (Credit: WAL-MART STORES, INC.)

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It's only reasonable that Walmart would open stores in China even though Chinese consumers have less buying power than other nations.

Walmart outsourced trillions of American production to China in the past 35 years so it's time to do some retail there. But China's growth is stagnating too, just like the rest of the industrialized world. It's American banking-financiers who are wreaking havoc on the entire global economy.

Posted by: cdawg

October 26, 2012 at 1:49 p.m. ( | suggest removal )

Wal-Mart is the largest anti-American industries in the United States. Isn't it an irony the one of Wal-Mart's early slogans was "Buy American". I would guess that of 50% of the cheap crap Wal-Mart sells is "Not made in America". Not counting chicken.

Posted by: Moneymyst

October 26, 2012 at 2:50 p.m. ( | suggest removal )