Wal-Mart Stores, Inc. (NYSE:WMT) has announced the name of two managers to its Chinese retail outlets in a company efforts to boost its brand in Asian countries.
The two announcements include Adrian Blake and Rob Bray. Mr. Blake will work as business development’s senior vice president for the retailer in China, while Mr. Bray, who is currently serving as real estate store planner and design’s senior vice president; will now take the position as a real estate’s senior vice president in China, for the US retailer.
The globe’s top retail store operators declared this week that it aims to close more than 20 non profit generating stores in China in 2014 that representing approximately 2.5% of the retailer total sales volume in the country, due to restructuring. Chief executive officer of the firm Doug McMillon, told on 15 October that the retail outlets that are shut by the company are closed as they have no ideal locations and layouts.
Despite the fact that Wal-Mart Stores, Inc. (NYSE:WMT) is closing some of its stores in the country, the US retailer giant is also looking forward to open some addition stores in China, as well as it gaining less profit in the country due to tough competition in the country, from regional competitors like China Resources Enterprise Ltd. and Sun Art Retail Group Ltd.
According to the US retailer it will constantly add fresh retail outlets in the country and it has planned over 100 new stores over coming three years in China. The firm earnings that are declared in August suggest that its net sales without including an online grocery business increase 6.3% as compare to a year earlier, while customer traffic decrease 6.8%.
The US retailer currently holds 11% of the retail industry in 2012 along with Stiff Competition China Resources, while Sun Art, the country biggest hyper-market operator have 14% share of the industry for the same period. Wal-Mart Stores, Inc share dropped -0.09% to $75.71 in last trading session.