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Wal-Mart plans to double China stores in five years

July 20, 2007

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Wal-Mart seeks to acquire 20 percent of China’s retail market by venturing into the nation’s smaller cities. The retail chain currently has 84 stores across 46 cities but wants to double that number within the next five years to establish itself as a market leader.

In 2006, the chain pulled out of operations in South Korea and Germany to concentrate on the China and Latin American markets. Credit Suisse forecasts that by the year 2015 China’s share of world consumer spending will triple, surpassing that of the U.K., Germany and Japan.

Anthony Teoh, a Hong Kong-based analyst, says that buying into local retailers is a quick way for U.S. companies to expand into overseas markets. Rumors that Wal-Mart is buying all or part of Beijing Hualian Hypermarket Co. are being denied by Terrence Cullen, vice president of Wal-Mart’s China operations. Since China began to welcome foreign competition, per-capita disposable income rose 12.1 percent last year in towns and cities while the country’s retail sales went up 14 percent.
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