Foreign supermarket chains are expanding in China

Due to the Chinese wage growth, and the rise of the middle class, the large foreign supermarket chains such as Walmart, Carrefour and Tesco announced expansion in the East Asian country.

The U.S. Walmart in its communication added: with a 500 million yuan (1 yuan = 38 HUF) investment the company plans to open at least 30 new shopping centers and renovates about 50 shopping centers this year, but will also modernize the distribution network and will enhance food security as well. China is one of Walmart’s key strategic market. In the next three years, about 100 new store openings are expected – the company said. (MTI)