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Wal-Mart to increase Chinese warehouse stores, slash online B2C prices
WAL-MART plans to open more Sam's Club outlets in mainland China, the retailer's warehouse store brand, The Wall Street Journal reported.
Wal-Mart China CEO Greg Foran said he also aims to increase efficiency, slashing online prices on its Yihaodian B2C e-commerce platform, of which it bought a 51 per cent share in 2012 to compete with Alibaba Group's Taobao.com, which still dominates the market.
Mr Foran also said he plans to have shoppers blend online and offline shopping, helping them compare prices online and offline and pick up online purchases in stores, imagining pick-up lockers at stores and shopping carts equipped with smartphones.
"The prize for getting this right will be significant," he said.
Mr Foran also said the company will add two Sam's Club outlets in China in 2014 to the 10 that have already opened. The rate of new outlet launches could increase each year until it reaches 10 new stores a year in six to seven years.
Said China Market Research Group analyst Ben Cavender: "Wal-Mart is here for the long haul, but in the short term there's a lot of pressure from other retailers, so executives need to make changes that will improve the company's bottom line."
Experts say Wal-Mart's attempt to market itself as a retailer that offers the lowest prices hasn't taken hold in China and local rivals have stepped up their game in recent years, outpacing Wal-Mart by sales and number of stores.
Wal-Mart China CEO Greg Foran said he also aims to increase efficiency, slashing online prices on its Yihaodian B2C e-commerce platform, of which it bought a 51 per cent share in 2012 to compete with Alibaba Group's Taobao.com, which still dominates the market.
Mr Foran also said he plans to have shoppers blend online and offline shopping, helping them compare prices online and offline and pick up online purchases in stores, imagining pick-up lockers at stores and shopping carts equipped with smartphones.
"The prize for getting this right will be significant," he said.
Mr Foran also said the company will add two Sam's Club outlets in China in 2014 to the 10 that have already opened. The rate of new outlet launches could increase each year until it reaches 10 new stores a year in six to seven years.
Said China Market Research Group analyst Ben Cavender: "Wal-Mart is here for the long haul, but in the short term there's a lot of pressure from other retailers, so executives need to make changes that will improve the company's bottom line."
Experts say Wal-Mart's attempt to market itself as a retailer that offers the lowest prices hasn't taken hold in China and local rivals have stepped up their game in recent years, outpacing Wal-Mart by sales and number of stores.
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