Walmart to Open 115 Stores in China


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Retail behemoth Walmart plans to open 115 new stores in China by 2017, adding to its roughly 400 stores there.

In its annual report released last week, Walmart said its three priorities for upping shareholder value are growth, which tops the list, followed by leverage and returns.

“Our aim is to become an integral part of China’s economy,” said chief executive Doug McMillonat during a Wednesday news conference in Beijing, according to BBC.

The move to expand comes as China’s growth continues to falter. The country’s economic growth slowed to 7.4% in 2014—its weakest in 24 years—compared to 7.7% in 2013.

Walmart said in February that its net sales in China fell 0.7% in the fourth quarter, down from the year prior.

The retailer closed 29 stores in China in fiscal 2014 because of poor performance and the company said it will close more and focus on its fast-growing online grocery market.

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