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US Chain Store to Open Branch in Beijing
A branch of the US-based Wal-Mart, the world's largest chain store retailer, is to open in Beijing, reported Monday's Beijing Youth Daily.
According to an official with the Development Planning Committee of the Beijing Municipal Government, the store will be a joint-venture between Wal-Mart and a domestic company.
The agreement will be signed next Wednesday, the official said.
The store will be located in the capital's western Shijingshan District.
In 1996, the corporation opened its first Asian member store and shopping plaza in Shenzhen, one of the country's first special economic zones in Guangdong Province. Wal-Mart hence became one of the first overseas retailers permitted to establish joint venturesin this country.
Wal-Mart is the world's largest retailing chain store, owning 4,000 stores in nine countries. It ranked second on Fortune magazine's top 500 list of companies in 1999.
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