Wal-Mart expects to grow faster in China
Updated: 2012-02-14 14:17
By Li Woke (chinadaily.com.cn)
BEIJING — Wal-Mart Stores Inc, branded as Walmart, expects its China business to grow faster in the current robust market conditions, said Doug McMillon, president and chief executive officer of Walmart International.
Last week, the world's largest retailer named Greg Foran as president and CEO of its China unit. Foran, senior vice-president for Walmart International, will assume his new roles on March 1, according to the Arkansas-based retailing giant.
"China is one of the fastest-growing markets in the world. We want to not only keep pace with the market growth, but we would like to, over time, grow market share. So, his (Foran's) target will be around growing faster than the market," McMillon told China Daily in an exclusive interview in Beijing.
Walmart, the world's largest chain retailer by sales and revenue, entered China in 1996. By the end of 2011, Walmart had more than 370 outlets in the Chinese market.
Figures from Euromonitor International, a London-based consumer market research firm, showed grocery retailing in China in 2010 reached 3,168 billion yuan ($500 billion), a year-on-year jump of 9 percent.