24 April 2019

Wal-Mart eyes acquisitions to boost market share, paper says

Wal-Mart Stores Inc. plans to boost its market share through acquisitions in Chinese cities where it has not gained either of the top two rankings in sales, Beijing Youth Daily reported Tuesday, citing Scott Price, chief executive of the retail giant’s Asia division. He did not name the cities and sales targets. Wal-Mart, which owns 398 stores in 118 cities in China, has seen its market share drop to 6.4 percent as of August from 6.7 percent at the end of June, when China Resources Enterprise Ltd. (00291.HK) overtook it as the nation’s No. 2 retailer in terms of market share, the report said, citing statistics from market researcher Kantar Worldpanel.

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