Wal-Mart Plans China Expansion in Joint Venture
January 20, 05 by Albert Robinson
U.S. retail giant Wal-Mart, the world's largest retailer, is planning to expand in the Chinese market by teaming up with China's CITIC Pacific Co Ltd to open hundreds of stores in China over the next five years.
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The retail behemoth is to
expand its presence in China
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Wal-Mart, the largest retailer of jewelry in the United States, will have a 65 percent stake in the venture. It already owns more than 40 stores in China after opening its first outlet in 1996.
Wal-Mart and CITIC Pacific plan to open the stores in central China as well as the eastern cities of Shanghai and Nanjing.
Valued at around $240 billion, the Chinese retail market is the largest in Asia after the Japanese market. With annual economic growth of close to 10 percent, China has become a magnet for global retail firms as well as luxury goods retailers.
