US retailing giant Wal-Mart Stores (WMT.NYSE) plans to open 110 new stores in China between 2014 and 2016, Reuters reported. The new stores will be in addition to the 30 opened this year, the company said on Thursday at a press event in Beijing. Wal-Mart has closed 11 stores and is looking to close 15-30 others over the next 18 months, said Wal-Mart China CEO Greg Foran. The company is tackling tough global economic conditions and a fundamental change in China’s retail sector, as annual sales growth slows and consumers move towards shopping online.
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