In a bid to capture market share in China, world largest retailer Wal-Mart Stores Inc, will open 55 new stores by the end of 2006 to take its existing stores to 93, says Senior Company Executive, Monday.
Following other leading retailers' trail in China like Carrefour S A and Metro A G, Wal-Mart has joined the bandwagon setting up stores in Asia's largest retail market after Japan at a fast pace cashing in on rising economy and opening up of China's retail industry.
Lawrence Lee, Regional Operations Director for eastern China, Arkansas-based US giant hopes a double-digit revenue growth for the company in 2005, without divulging further.
Commerce Ministry of China has stated that Wal-Mart posted a 31 percent leap in sales in the country to 7.6 billion Yuan ($940 million) in 2004.
About 55 stores will be in operation by this year end as against 43 opened last year. Worldwide, Wal-Mart operates about 5,000 stores.
Speaking about leading retailer of China, Frech major Carrefour tops leaving behind world leader Wal-Mart. Carrefour also plans to open 15 hypermarkets a year.
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