Wal-Mart To Buy Chinese Chain

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The New York Sun

Bentonville is coming to Beijing: Wal-Mart Stores Inc. has announced its intentions to buy a chain of discount stores in China for about $1 billion, the Wall Street Journal reported.

The deal is expected to give the world’s largest retailer the biggest food and department store network in China.

The Chinese chain, Trust-Mart, consists of so-called hypermarkets, or enormous stores that sell a wide range of general merchandise and food — not unlike the Wal-Marts and Super Wal-Marts dotting the American landscape.Trust-Mart is a closely held Taiwanese company.

China’s fast-growing economy, industrious population, and developing bourgeoisie have foreign multinationals frothing at the mouth.Wal-Mart has expressed interest in China at the same time it has unceremoniously left both Germany and South Korea.

The transaction still requires the approval of Chinese regulators.Wal-Mart is poised to pass its Gallic archrival, Carrefour SA of France, in the number of hypermarkets in China.Wal-Mart beat out Carrefour for the Trust-Mart purchase, according to the Journal report. Wal-Mart can hardly continue to expand at a constant rate stateside. Coupled with rising employment costs and embarrassing trials, the Bentonville, Ark., company continues to look abroad.


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