Walmart (NYSE: WMT) is planning to accelerate growth in China. The retailer will open 110 new stores and up to 16 distribution centers there between 2014 and 2016. These new stores and factories will produce an additional 19,000 jobs in China.
Walmart's China CEO Greg Foran made the announcement at a press event in Beijing on Thursday, October 24. The company also disclosed that it is planning to shut down up to 30 slower performing stores in the next 18 months, on top of the 11 stores that have already been closed this year. Walmart currently operates 400 Walmart and Sam's Club stores and distribution centers in just over 160 cities throughout China.
The expansion plan is an effort to profit from China's growing online shopping environment. Walmart's e-commerce business in China has grown 30 percent in the first half of this year.
"Customers are using technology more, and especially here in China," said Walmart Chief Executive Officer Mike Duke. "E-commerce is a great enabler allowing Walmart to grow globally."
In addition to growth overseas, nearly 3,600 Walmart locations in the US are looking to capitalize on electronics sales this holiday season with the introduction of a new tablet trade-in program. The plan allows shoppers to get up to $300 for their current tablet to use toward the cost of a new device. Tablet trade-ins will start effective October 23, just in time for the release of the new Apple (Nasdaq: AAPL) iPad Air which hits Walmart shelves November 1.
For more see:
-This CNN article
-This Reuters article
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