date:Apr 03, 2013
, which it referred to as an adjustment in business strategy.
Recognizing the development potential in the retail industry created by rapid urbanization and emergence of the middle class, Li Ling, senior director of corporate affairs at Wal-Mart China Investment Co Ltd, said the company's business has entered a new phase, focusing on the quality of individual stores.
Meanwhile, France-based Carrefour SA closed six stores in China from 2010 to 2012 and British chain store Tesco PLC shut four la