Hundred Wal-Mart stores to be built in China within three years

Wal-Mart Stores Inc., the world's largest retailer by sales, plans to open 100 stores in the next three years in China, marking a slowdown from its earlier growth rates in the increasing competitive retail landscape there.

A spokesman said Friday that Wal-Mart will also add 18,000 jobs to its current roster of 100,000 in China.

The openings aim to help Wal-Mart take larger market share in China, where it is currently No. 2 behind rival Sun Art Retail Group Ltd., a joint venture between Taiwanese conglomerate Ruentex Group and France's Groupe Auchan SA.

But the announced 100 stores also marks a deceleration in the pace of its investment in China, where economic growth has fallen to its lowest rate in three years. Wal-Mart, which currently has 378 stores in China, had been opening 50 to 60 stores per year in the country. (MTI)