Wal-Mart Stores Inc. plans to buy a massive Chinese "hypermarket" for close to $1 billion, making Wal-Mart the largest food and department store network in China.
"While Wal-Mart has struggled in some overseas markets, it can't afford missteps in China. Its U.S. business gains are slowing, and costs are rising, forcing the company to look elsewhere for expansion... The company has said it plans to add 18 to 20 stores in China this year. It currently has 66 stores in China, including 61 hypermarkets.
...By acquiring Trust-Mart, which Taiwanese investors founded in 1997, Wal-Mart will gain outlets in more than 20 Chinese provinces or districts and take on about 30,000 workers, according to information about Trust-Mart on its Web site."
[Editor's note: Although normally available only to WSJ subscribers, this article is available to Planetizen readers for seven days.]
Thanks to Peter Gordon
Read the full story: Wal-Mart to Buy Grocer-Retail Chain in China
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