Wal-Mart to open 30 new Chinese stores in 2015

U.S. retailer Wal-Mart Stores Inc has decided to open 30 new stores in the Chinese mainland in 2015 as its market share continues to grow in the local market, according to a press release the company e-mailed to the Global Times on Wednesday.

As of the end of 2014, Wal-Mart has achieved a market share increase in the hypermarket sector in China for eight consecutive quarters, data from market researcher Nielsen Co showed.

Among Wal-Mart's top four stores in terms of sales revenue in 2014, three of them are Wal-Mart's Sam's Club warehouse outlets in China, the press release said.

A Sam's Club in Shenzhen, South China's Guangdong province, has been the No.1 store in annual sales revenue in 2014 among all of Wal-Mart's stores in the world for the seventh year in a row.

Wal-Mart has confidence in the Chinese market, Sean Clarke, CEO of Wal-Mart China, was quoted in the press release as saying.

With strong performance in China, the retailing giant plans to further expand in the Chinese market.

Wal-Mart will open about 30 new stores in China and also will invest more than 370 million yuan ($59.4 million) to upgrade around 50 stores in the country in a bid to provide better service to customers, the press release said.

Facing fierce competition in the Chinese retailing market, some foreign companies have pulled out of the country or opted for cooperation with local partners.

UK retailer Tesco set up a joint venture with Hong Kong-based China Resources Enterprises in 2013. In the same year, Chinese retailer Wumart Stores Inc acquired 36 outlets of Thai retailer CP Lotus in China.

Wal-Mart China has also cut more than 20 mid-level managerial jobs in China in an effort to lower its costs, media reports said in November 2014.