Walmart Has Closed More Than 80 Stores in Communist China

Translated by: MOS Buddhism Team – Accelerator

On Nov 23th local time, CCP’s media reported that Walmart’s first store in Communist China – the Honghu store in Shenzhen, will be closed at the end of this month.

Source: hk01.com

It is learned that Walmart is one of the first foreign supermarkets that opened stores in Communist China. In 1996, Walmart set up its first store in Luohu District, Shenzhen. Nevertheless, after two decades of steady development, Walmart began to shut down stores frequently since 2016, given the deterioration of foreign supermarkets’ condition: some foreign enterprises started to sell their equities in Communist China.

Relevant information indicated that Walmart closed up to 11 stores during the first half of 2021 alone, while they have closed a total of over 80 stores in the last six years.

Sources: Walmart’s First Store in Mainland China Will Be Closed at the End of the Month 

Original Post: https://gnews.org/zh-hans/1694960/

Proofread by: Amy Q
Edited by: Amy Q
Posted by: Amy Q

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