Wal-Mart to Invest $80M in China Stores

Reports on Monday say Wal-Mart Stores Inc. of Bentonville is planning to invest $80 million to upgrade stores in the fast-growing market of China. This, after media reports of store closures:

Wal-Mart Stores Inc. plans to invest 500 million yuan ($79.8 million) to upgrade Chinese stores and said it is on target with store openings there, following local media reports that said recent store closures are derailing store growth plans in one of the retailers' key markets.

The Bentonville, Ark., retailer plans to remodel 50 of its 380-plus stores there and will open 30 new stores this year the country, according to a company statement on Monday.

Much more on Wal-Mart's China plans here.

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