Wal-Mart, the world's largest retailer, is set to open three huge outlets in Shanghai in a JV with CITIC Trust & Invest.
Starting from 1996, Wal-Mart has opened 31 stores in 15 cities around the nation, employing over 16,000 people, but it is yet to make a foray into eastern China.
The company plans to get the three stores up and running with a total investment of US$18 million and registered capital of US$7.2 million.
A 100,000 sq m Wal-Mart supercenter at Wujiaochang, in Shanghai's west, will be finished in about two years while another location in Laoximen, in downtown Shanghai, is already under construction and a third outlet is expected in Pudong.