Walmart Plans to Open 115 New Stores in China

Walmart is planning to open 115 new stores in China by 2017, the world’s biggest retailer has announced.

The move would increase the number of Walmart’s stores in the world’s second largest economy by almost a third.

Walmart CEO Doug McMillon said at a news conference in Beijing on April 29: “Our aim is to become an integral part of China’s economy.”

The push for expansion in China comes as the Asian giant’s growth continues to slow.

In February, Walmart said its net sales in China fell 0.7% for the three months to January from a year ago.

The new stores would open in major cities such as Shanghai, Shenzhen and Wuhan from this year and create 30,000 more jobs, the company said.

Walmart also plans to spend $60 million to remodel more than 50 stores in 2015.

The company currently has 411 stores in China, according to its annual report.

Walmart also said it plans to close some under-performing stores and focus more on the fast-growing online grocery market.