Wal-Mart Plans to Add Stores in China
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Wal-Mart Stores Inc., the world’s largest retailer, plans to open as many as 15 stores in China next year.
Wal-Mart, which has 40 outlets in major cities such as Beijing and Shenzhen, will focus on smaller provincial cities, Joe Hatfield, chief executive for Asia at the Bentonville, Ark.-based company, said
U.S. and European retailers are stepping up plans to expand in a $553-billion retail market now dominated by Chinese companies such as Shanghai Bailian Group.
Wal-Mart shares rose 30 cents to $54.15 on the New York Stock Exchange.
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