(Yicai Global) April 8 -- Walmart China will spend CNY3 billion (USD424.5 million) over the next five years to build new retail outlets in Wuhan, the Chinese city hardest hit by the novel coronavirus outbreak, the Economic Daily reported today.
The world’s largest brick-and-mortar retailer will set up four more Sam's Club stores, which is a membership-only bulk retailer, 15 shopping plazas and more community-based retail stores in the capital of Hubei province, the newspaper reported, citing Walmart’s Shenzhen-based unit.
Walmart wants to play its part in helping Wuhan gradually restore its social and economic order, Walmart China President and Chief Executive Chen Wenyuan said. The outlets will provide customers and store members with high-quality and cost-effective products as well as a healthy and safe shopping environment, he added.
Chen penned a strategic cooperation framework agreement with the municipal government at an investment promotion event held in Wuhan and attended by more than 60 Chinese and foreign companies.
Life in the city where the epidemic started is gradually returning to normal, and all outbound travel restrictions were lifted today.
Walmart has over 400 stores in more than 170 Chinese cities. Last November, the hypermarket chain announced plans to step up its expansion in China by opening 500 new outlets and cloud-based warehouses over the next five to seven years. This would include retail formats such as large shopping malls, compact physical stores, outlets in residential communities and Sam’s Clubs, it said.
Editor: Kim Taylor