The U.S. retail giant currently has 94 stores open in China, with others in preparation, and has opened 24 this year alone, Terrence Cullen, vice-president of development for Wal-Mart in China, said at a news conference on Monday.
BEIJING (Reuters) - Wal-Mart Stores Inc <WMT.N>, the world's biggest retailer, said it will keep expanding in China at more than 30 percent annually, as it won government approval to open its 100th store in the fast-growing consumer market.
The U.S. retail giant currently has 94 stores open in China, with others in preparation, and has opened 24 this year alone, Terrence Cullen, vice-president of development for Wal-Mart in China, said at a news conference on Monday.
"We intend to continue our aggressive, organic growth in China," he said.
Wal-Mart has invested 1.7 billion yuan ($230 million) in China since opening its first store in 1996, and buys around $18 billion of goods a year from mainland factories, importing over 6,600 products from the U.S. for sale in its mainland retail network.
!ADVERTISEMENT!Wal-Mart's growing prominence has also brought it attention from China's government-run trade union.
Last year, the All China Federation of Trade Unions forced the retailer to accept official union organization, overcoming the company's long-standing reluctance to open doors to them.
Wal-Mart's international sales growth far outstrips domestic sales and overseas sales now account for almost a quarter of total sales.
But the Bentonville, Arkansas-based company's experience in another growth market, India, has met problems.
In India, where modern retail, with its hypermarkets and one-stop shopping, has only a small share of a splintered $350 billion industry, Wal-Mart sparked political concerns and protests by traders and shopkeepers even before opening its first cash-and-carry store.
