Wal-Mart Stores, Inc. will open more than 40 new stores and a cold-chain logistics distribution center in south China's Guangdong Province in the next five years, according to a strategic cooperation memorandum.
The memorandum was signed by the company and the provincial government on Thursday at the 2017 China (Guangdong)- U.S. Investment Cooperation Conference.
"In 2016, we achieved the best results in China over the past 5 years. We'll continue to grow in China and accelerate our development here in 2017," said Scott Price, Executive Vice President of Wal-Mart Global and Chief Administrative Officer of Wal-Mart International.
"Guangdong Province is where our China Home Office is and it's an important market for us. We are very optimistic about Guangdong's economic prospects and its potential, and we will continue to open stores and create more jobs here," said Price.
After entering the Chinese market in 1996, Wal-Mart now operates more than 400 stores across the country. Guangdong Province is home to 92 Wal-Mart stores. Wal-Mart plans to open eight new stores in Guangdong this year.
In addition to the new stores, Wal-Mart will improve its logistics system and build a cold-chain logistics distribution center with advanced technology in Guangdong, according to Price.