Wal-Mart will set up e-commerce HQ in city
By Joy Wang |
June 28, 2011, Tuesday
|
Print Edition
Print Edition
WAL-MART Stores Inc yesterday announced it will set up its global e-commerce China headquarters in Shanghai.
The world's largest retailer signed a memorandum of understanding with the Shanghai Commission of Commerce yesterday. Shanghai Vice Mayor Ai Baojun attended the signing ceremony.
Wal-Mart is now finalizing a site for construction, and will offer more information when operations are ready, said Scott Price, Wal-Mart's executive vice president and president of its Asian division.
"With the establishment of our global e-commerce China headquarters, we expect to offer consumers wider choices and provide more customized services," said Barry Friedman, vice president of Wal-Mart China.
He said the decision was made based on Shanghai's strength in finance and its ambition to become an innovative city.
Online transactions, especially business to consumer, are booming in Shanghai. According to the Shanghai Commission of Commerce, the value of e-commerce in the city jumped to 409.5 billion yuan (US$63.2 billion) last year, up from 24.5 billion yuan in 2002.
Wal-Mart, which has 339 stores on the Chinese mainland, started selling groceries online on the mainland in November.
It bought a minority stake in web-based Chinese retailer Yihaodian in May.
Wal-Mart now has its China headquarters in Shenzhen, south China's Guangdong Province.
Shanghai is an attractive destination for foreign investment and multinational companies' regional headquarters.
By the end of last month, 332 MNCs had set up regional headquarters in Shanghai, the most on the mainland.
The world's largest retailer signed a memorandum of understanding with the Shanghai Commission of Commerce yesterday. Shanghai Vice Mayor Ai Baojun attended the signing ceremony.
Wal-Mart is now finalizing a site for construction, and will offer more information when operations are ready, said Scott Price, Wal-Mart's executive vice president and president of its Asian division.
"With the establishment of our global e-commerce China headquarters, we expect to offer consumers wider choices and provide more customized services," said Barry Friedman, vice president of Wal-Mart China.
He said the decision was made based on Shanghai's strength in finance and its ambition to become an innovative city.
Online transactions, especially business to consumer, are booming in Shanghai. According to the Shanghai Commission of Commerce, the value of e-commerce in the city jumped to 409.5 billion yuan (US$63.2 billion) last year, up from 24.5 billion yuan in 2002.
Wal-Mart, which has 339 stores on the Chinese mainland, started selling groceries online on the mainland in November.
It bought a minority stake in web-based Chinese retailer Yihaodian in May.
Wal-Mart now has its China headquarters in Shenzhen, south China's Guangdong Province.
Shanghai is an attractive destination for foreign investment and multinational companies' regional headquarters.
By the end of last month, 332 MNCs had set up regional headquarters in Shanghai, the most on the mainland.
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