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Wal-Mart to close store in E China

2013-06-18 08:13 Global Times Web Editor: qindexing

US retailer Wal-Mart Stores Inc is reportedly scheduled to close a store in Kunshan, East China's Jiangsu Province in the end of June.

The company closed three stores in China in April: one in Shanghai, one in Shenzhen, and one in Wuxi, Jiangsu Province.

Staff members of the store said it has been losing money since opening in 2008, the China Business Herald reported.

In addition to Wal-Mart, UK retailer Tesco Group also closed a 10-year-old Tesco store in Shanghai in the end of May.

Analysts attributed the store closures to a sluggish domestic retail industry since 2012 and high operating costs such as rising rents.

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