Walmart Will Invest $1.2 Billion in China Over 10 Years to Upgrade Logistics
Bloomberg
Walmart (WMT) - Get Report said Monday that it intends to invest about $1.2 billion in in China over the next 10 years to upgrade logistics.
The retail giant made the announcement on its social media account following a meeting between President Donald Trump and his Chinese counterpart Xi Jinping over the weekend in Osaka, Japan.
Last year, Walmart opened its first small high-tech supermarket, where smartphones can be used to pay for items that are mostly available on the retail giant's online platform JD Daojia, an affiliate of JD.com (JD) - Get Report , according to Reuters.
Walmart operates a number of formats in China, including hypermarket, Sam's Club and Walmart supermarket, with 400 retail units covering more than 180 cities nationwide.
Last week, Carrefour Sagreed to sell an 80% stake in its China unit for $698 million in cash to local retailer Suning.com.
Walmart shares were off slightly to $110 a share.
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