Walmart has revealed that it will invest RMB60m (US$9M) to upgrade its existing stores and it also plans to open 20 new stores in the southern Chinese province of Yunnan by 2020.
20 new stores by the end of 2020
Walmart is optimistic about their development in Yunnan province and will continue to enhance investment and construction to open four new outlets in the province, including one in Kunming, the capital city of Yunnan, by the end of this year.
Meanwhile, the company expects to launch over 20 new stores in Yunnan, including 12 in Kunming, before the end of 2020.
Walmart remains optimistic about Chinese market
2016 marks the 20th anniversary for Walmart 's entry into the Chinese market. Jim Thompson, COO of Walmart China, said that the company is always confident in the Chinese market and it is committed to becoming the most trustworthy retailer in the country.
Walmart has been enhancing its existing stores while implementing stable expansion across China over recent years. So far, the company has invested over RMB350m (US$53m) in the upgrade program.
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