Wal-Mart breaks ground in Shanghai
10/9/2003 13:13
Wal-Mart Stores Inc., the world's largest retailing chain, has
broken ground for its first outlet in Shanghai, today's Youth Daily reported, in
Huangpu District's Laoximen.
Shanghai Xinyuan Property Development Co
Ltd, is in charge of the construction project.
Xinyuan is a local subsidiary
company of Citic Pacific Limited, a Hong Kong joint venture of Citic Group,
partner of Wal-Mart for the Shanghai business.
The Laoximen outlet will
be a supercenter, part of a large-scale
residential project being erected at
the intersection of Xizang Road S. and Fangxie Road.
The first Shanghai
outlet has drawn attention from local industry
insiders who said the
location indicates Wal-Mart's strategy for the East China market.
Laoximeng is involved in an urban renovation project, with residents in
the area being moved out and relocated.
Government officials of Huangpu
district commercial commission said the ongoing drawout of population won't
affect Wal-Mart store's operation and may instead benefit it after new modern
residential quarters are set up in the neighborhood.
Wal-Mart entered
China in 1996 by launching two stores in Shenzhen,
south China. To date, the
US-based retailer has successively opened 26 units, including Supercenters and
SAM'S CLUBs, and Wal-Mart Neighborhood Market, and employed over 10,000
associates.
Jane Chen / Shanghai Daily news
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