Walmart to open 100 new outlets in China

Wal-Mart Stores Inc., the world's largest retailer, has moved to increase its market share in China as the rapidly growing economy has boosted consumer buying power.

The company plans to open more than 100 new outlets in China over the next three years, which will help create around 18,000 jobs, the U.S.-based retail giant said in a press release on Tuesday.

It also plans to set up more logistics distribution centers and restructure its procurement system in an effort to build a more efficient supply chain, the retailer said.

Chinese consumers are more capable of buying and they have increasingly higher demands for quality, prices and services, said Greg Foran, president and chief executive officer of Walmart China.

Foran said Walmart is excited to take part in the change, adding that he hopes the strategy will help the company step into a new development stage.

New procurement offices will be located in eight cities, including Beijing, Shanghai and Dalian, according to Foran.

Walmart entered China in 1996 and opened its first outlet in the south China boomtown of Shenzhen. It now has more than 380 outlets in the country and employs about 100,000 people.