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US-based Wal-Mart sets its sights on Shanghai
AP, SHANGHAI
Friday, Oct 11, 2002, Page 10
US retail giant Wal-Mart Stores Inc has set its sights on China's largest and most prosperous city, announcing yesterday it had signed an agreement to open stores in Shanghai.
Wal-Mart, the world's largest retailer, said in a statement that the agreement with China's CITIC Group will create a joint venture aimed at Shanghai and other cities in eastern China. It did not say how many stores it plans to open.
America's largest retailer already has 22 stores in China, most in the nation's south. The first opened six years ago in Shenzhen, a city near Hong Kong. The joint venture, to be named East China Wal-Mart Stores Co, still awaits government approval.
In targeting Shanghai, Wal-Mart will be challenging French retailer Carrefour, which has built a strong presence in the city.
As part of its agreement to join the WTO, China has promised to open its retail market. Foreigners now face geographical and ownership restrictions, and must get central government approval.
Last year, Wal-Mart bought more than US$10 billion worth of goods in China for sale in its 4,500 worldwide stores.
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