Wal-Mart closing five more stores
Wal-Mart Stores Inc is closing five more stores in China this month as it seeks to reposition itself in a challenging market.
Earlier this month, the United States-based company, the world’s largest retailer by revenue, closed an outlet in Chongqing municipality and one store each in Yancheng, Jiangsu, and Changde, Hunan. By the end of this month, two stores in Ma’anshan, Anhui province, will also be closed.
Last year, the retailer said it will continue expanding in China and open up to 110 new facilities over the next three years, including hypermarkets and Sam’s Club outlets, as well as distribution centers. The company has remodeled about 45 stores this year. It will remodel 55 this year and 65 next year. (Photo 3)