Wal-Mart Stores Inc. has agreed upon a contract with the Shanghai government to create a China e-commerce head office within the city, as component of their online approach to acquire a much better share of the nation’s flourishing retail marketplace.
The shift, which in turn took place on Monday, came following the U.S. hypermarket operator introduced a strategy to purchase a minority stake in main Chinese online retailer Yihaodian to have an undisclosed sum last month.
“The scale of online sales in China is expanding rapidly and is projected to match U.S. online sales in the next few years,” Wan Ling Martello, Wal-Mart’s Executive Vice President of Global e-Commerce mentioned in a statement.