The largest retailer in the world, Wal-Mart is accelerating its expansion in China. The company intends to open seven new outlets in east China by the end of this year.
The company's first outlet of the seven is set to be open in Shanghai's Pudong Districton on Thursday, covering 18,000 square meters. More than 20,000 kinds of goods will be available in the new supermarket, said Li Qingquan, chief managing official of Wal-Mart's east China region.
The number of Wal-Mart's outlets in China will increase to 55 from 48.
The retailer giant tapped into the Chinese market in 1996, but only nine of them are located in the densely populated and relatively developed east China, Li said.
Currently, there are more than 100 supermarkets in Shanghai, including the world famous Carrefour, Metro, Lotus and Auchan.
He said "Wal-Mart is fully prepared for the fierce competition in Shanghai."
It will reduce its costs through large-scale purchase so as to keep its commodity prices at low levels.
Li said the outlet to be opened Thursday will provide eight free bus routes for the convenience of the customers.
At the same time, apart from major China's cities like Shanghai, Wal-Mart will also march toward the east China's medium and small cities like Jinhua in Zhejiang Province and Wuhu in Anhui Province, said Li.
Ministry of Commerce - China
marketing@alchempro.com
