Bentonville, Ark., Wal-Mart announced today it will open its first store in Shanghai at the end of this month. Its entry into China’s biggest city will supplement the already 47 stores in China. Currently, the retailer employs 20,000 people in China and has headquarters offices in Shenzhen.
The 194,000-sq.-ft. Shanghai Wal-Mart will compete with French rival Carrefour S.A. and Germany’s Metro AG.
The Shanghai Daily reported that the local retailers are preparing for Wal-Mart’s arrival by renovating their stores and revamping product lines.