US-based Walmart will look to expand in lower-tier Chinese cities, Walmart China President and CEO Ed Chan told the China Daily.
He said: "So far, 80% of our Chinese stores are in second, third or even fourth-tier cities. I believe the lower-tier cities will see faster economic development than first-tier ones. So, Walmart China will increase its investment in lower-tier cities."
Chan noted that China currently contributes "less than 10%" to Walmart’s international performance but that China "may one day be the biggest [retail market in the world]". Several high level executives have recently left Walmart China such as Rob Cissell, former Chief Operating Officer, and Shawn Gray, former Vice President of Walmart China's hypermarket operation.
Chan added: "The recent changes in our management level and the promotion of local staff are aimed at localizing personnel. And we are confident that the mix of Walmart global talents and strong local leaders will guide the company to further success in this booming market."
Source: Planet Retail
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