| Last updated at: (Beijing Time) Monday, November 19, 2001 |
Wal-Mart to Open Five Branches in Beijing |
 US-based Wal-Mart, the world's largest chain store retailer, has determined to make its entry into the Beijing market with an ambitious plan of setting up five branches including three shopping plazas and two members-only stores called the Sam's Club in the city.
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US-based Wal-Mart, the world's largest chain store retailer, has determined to make its entry into the Beijing market with an ambitious plan of setting up five branches including three shopping plazas and two members-only stores called the Sam's Club in the city.
It will involve a total investment of US$25 million including 6.5 million of foreign capital. Its first Sam's club in Beijing is expected to open by the end of next year or early 2003.
In 1996, Wal-Mart first entered the Chinese market by opening its first Sam's Club member store and shopping plaza in Shenzhen, a special economic zones in Guangdong Province neighboring Hong Kong.
About Wal-Mart
Wal-Mart Stores is an irresistible (or at least unavoidable) retail force that has yet to meet any immovable objects. Bigger than Sears, Kmart, and J. C. Penney combined, it is the world's #1 retailer, with more than 4,150 stores, including discount stores (Wal-Mart), combination discount and grocery stores (Wal-Mart Supercenters and ASDA in the UK), and membership-only warehouse stores (Sam's Club). Most of its stores are in the US, but Wal-Mart is expanding internationally; it is the #1 retailer in Canada and Mexico. Wal-Mart also has operations in South America, Asia, and Europe. Subsidiary McLane Company is the #1 convenience store distributor in the US. Founder Sam Walton's heirs own about 38% of Wal-Mart. |
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