Head Topics

Walmart is doubling down on China with 500 new stores

  • 📰 CNN
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 95%

United States Headlines News

United States Latest News,United States Headlines

Walmart has announced that it plans to open 500 new stores in China over the next five to seven years. That would more than double Walmart's presence in China, which is expected to become the world's biggest grocery market by 2023.

The Arkansas-based retailer announced Thursday that it plans to open 500 new stores in China over the next five to seven years. That would more than double Walmart's footprint in China, which is expected to become the world's biggest grocery market by 2023. The expansion comes as China's huge economy is cooling. The country is grappling with slumping growth and a prolonged trade war with the United States.

2 billion in China"We will continue to collaborate with partners and policymakers in China to accelerate our expansion," he added. Walmart sold its Chinese e-commerce site, known as Yihaodian, to JD.com in 2016. JD.com , China's second largest e-commerce player after Alibaba , now hosts Walmart's groceries and other various products on its own online shopping platform. And more than 100 of Walmart's roughly 400 stores in China double as warehouses for JD.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

A hospital and clean water: China on the charm offensive in Sri LankaAmid the lush paddy fields of central Sri Lanka, a large, state-of-the-art hospi...
Source: Reuters - 🏆 2. / 97 Read more »

China tortured me over Hong Kong, says former British consulate employeeA former employee of Britain's consulate in Hong Kong said Chinese secret p...
Source: Reuters - 🏆 2. / 97 Read more »

AP: Oxy sales in China driven by misleading addiction claimsAPExclusive: OxyContin maker paid $600 million in legal penalties for misrepresenting addiction risks in the U.S. Its foreign affiliate is making the same claims to sell the drug in China. By ekinetz.
Source: AP - 🏆 728. / 51 Read more »

Yen rises, yuan falls as U.S.-China trade deal this year looks unlikelyThe yen rose against the dollar on Thursday after sources close to the White Hou...
Source: Reuters - 🏆 2. / 97 Read more »

A U.S.-China 'Phase One' trade deal may not be inked this yearCompletion of a 'phase one' U.S.-China trade deal could slide into nex...
Source: Reuters - 🏆 2. / 97 Read more »