Wal-Mart to Grow by More Than 30 Pct Annually in China
Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research), the world’s biggest retailer, said it will keep expanding in China at more than 30 percent annually, as it won government approval to open its 100th store in the fast-growing consumer market.
The U.S. retail giant currently has 94 stores open in China, with others in preparation, and has opened 24 this year alone, Terrence Cullen, vice-president of development for Wal-Mart in China, said at a news conference on Monday.
“We intend to continue our aggressive, organic growth in China,” he said. [Full text]