Scott Price, president and chief executive officer of Wal-Mart Asia, revealed at an investor meeting that the company plans to close 25 underperforming stores in China during 2014.
Price further revealed that the sales of those 25 stores only accounted for 2.5% of Wal-Mart's total sales in China.
A representative from Wal-Mart China said after closing those underperforming stores Wal-Mart will be able to focus on core stores which are running better. The representative said Wal-Mart is committed to long-term investment and development in China and they will maintain quality growth. In addition, the company continuously improves their operating efficiency in China by upgrading stores; improving operations, procurement, and management; and enhancing price advantages and core competitiveness.
Prior to this, Wal-Mart said they planned to add more than 100 new outlets in China between 2013 and 2015. At present, this retailer has 398 stores in China. By the end of September, Wal-Mart opened 12 new stores in China in 2013 and closed four.
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