Wal-Mart to build 115 new stores in China by 2017, upgrade 50 this year

Beijing, China -- Wal-Mart Stores Inc. unveiled plans to countermand slowed growth in China with 115 new stores in the country by 2017 and creating some 30,000 jobs. The announcement adds about 35 new stores to the retailer’s building plans as Wal-Mart previously targeted 480 total stores in China by 2016, up from around 400 now.



CEO Doug McMillon said in a statement that "China is a key strategic market for Walmart. Over the next three years we will increase investment across our diverse business operations in China.”



The 115 new stores are slated for Chinese cities such as Shanghai, Shenzhen and Wuhan between 2015 and 2017; the company also announced it would invest $60 million to remodel more than 50 stores this year.



Wal-Mart has faced slower growth in China’s challenging retail environment, recording a net sales decline of 0.7% for the quarter ended Jan. 31. The retailer has responded with plans to shutter some under-performing stores and ramp up its online grocery offerings via e-commerce arm Yihaodian.com and a new mobile app slated for the near future.