Walmart Signs MOU with Shanghai Municipal Government
SHANGHAI, June 27, 2011 /PRNewswire-Asia/ -- Walmart today signed a Memorandum of Understanding (MOU) with the Shanghai Municipal Commission of Commerce in Shanghai announcing the agreement to establish Walmart's China eCommerce headquarters in Shanghai by Walmart's Global eCommerce unit. The move represents Walmart's commitment to bringing e-Commerce services to a booming Chinese market. The headquarters will be responsible for Walmart eCommerce's China market and will directly report to Wan Ling Martello, Executive Vice President, Global e-Commerce, Emerging Markets, and Scott Price, President & CEO, Walmart Asia.
Ai Baojun, Vice Mayor of Shanghai Municipal Government; Scott Price, President & CEO, Walmart Asia; Sha Hailin, Deputy Secretary-General of the Shanghai Municipal Government and Director-General of Shanghai Municipal Commission of Commerce; and Barry Friedman, Vice President, Corporate Affairs, Walmart China attended the ceremony.
According to the MOU, Walmart Global eCommerce will bring in advanced retailing and eCommerce experiences, as well as the industry's top eCommerce talent with diverse international backgrounds and years of industrial experience. Both parties - Walmart and the Shanghai Municipal Government will strengthen collaboration on eCommerce talent training and speed up eCommerce development, so as to facilitate industrial transformation and upgrading and to maintain sustainable economic development.
Wan Ling Martello, Executive Vice President, Global eCommerce, Emerging Markets, said, "The scale of online sales in China is expanding rapidly and is projected to match U.S. online sales in the next few years. We are very optimistic about China's e-commerce market and its growth potential. With Shanghai as our Global eCommerce's China headquarters, we look forward to offering Chinese consumers a wider selection of quality products at good value with a great online shopping experience.
Scott Price, President and CEO of Walmart Asia, said "We are very excited about this agreement. China is one of the most strategically important Asian markets for Walmart. We are attracted to China's investment environment and especially to Shanghai because of its status as a financial center, burgeoning e-commerce environment, and its abundant local talent. During the Twelfth "Five Year Plan", Shanghai aims to build up a city with a focus on developing its intellectual capability and eCommerce, which perfectly fits Walmart's Global eCommerce development strategy in the China market. Global eCommerce is expected to be our new growth engine."
Statistics from China Internet Network Information Center (CNNIC) show that the number of Chinese online shoppers had reached 161 million by December 2010, with annual growth rate of 48.6 percent. Online shopping becomes a more and more popular shopping option for Chinese consumers, especially the younger generation.
About Walmart
Wal-Mart Stores, Inc. (NYSE: WMT) serves customers and members more than 200 million times per week at 9,000 retail units under 60 different banners in 15 countries. With fiscal year 2011 sales of $419 billion, Walmart employs more than 2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://www.walmartstores.com, on Twitter at http://Twitter.com/Walmart, and on Facebook at http://www.facebook.com/walmart. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.
About Walmart in China
Walmart entered the Chinese market and opened its first store in Shenzhen in 1996. Walmart's Global Procurement sourcing operation office has been located in Shenzhen since 2002. Today, Walmart operates a number of store formats in China including Supercenters, Sam's Clubs, and Neighborhood Markets. Walmart has donated funds and in-kind support worth more than RMB 65 million to local charity and welfare organizations over the past 15 years, and has won awards such as "Best Employer", "Best Community Involvement", "Supplier Satisfaction Recognition" and "Most Admired Company". For more information about Walmart in China, please visit www.Walmartchina.com.
