China will become the biggest retail market in the world by 2014 and Wal-Mart will likely purchase more properties to open stores in the future, said Ed Chan, president and chief executive officer of Wal-Mart China, according to reports.
The seventh Sam s Club is under development in Dalian, said Ed Chan on his company s website. It is the first time for Wal-Mart to purchase land use certificate in China. He said, If the location proves to be proper, we will get the permit from the local government to use the land, where we will start its construction immediately.
Wal-Mart has 329 stores by the end of January 2011 and it is accelerating its expansion in China. In fiscal 2010, the retail giant took in $7.5 billion in revenue, accounting for 1.8% of its total number around the globe, which was $420 billion.
Ed Chan added that Wal-Mart will quicken its development in middle- and small-sized cities in China. Its stores in first-tier cities will account for only 18% of all its stores in China by 2014 and the figure was 20% in 2010.
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