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.
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