The Suning.com Group purchases 80% of Walmart’s operations in that country
China’s supermarket sector has been going through changes, and a negotiation between a large local network and a global retail giant is underway. From now on, Walmart China belongs to a Chinese group called Suning.com, after the purchase of 80% of all operations on Chinese lands for an amount worth 620 million euros.
In 2018, the American network attained net sales profits worth 3.6 billion euros, including its 210 hypermarkets plus 24 convenience stores scattered all over the country. On the other hand, the Suning.com company has got around 9 thousand stores and constitutes one of the main store chains in China, present in over 700 cities.
Besides having expanded its physical stores network, the Chinese group Suning.com also holds great digital presence in China, since the company is in charge of the third largest e-commerce business in the country. As this deal is still under way, its confirmation currently awaits the approval of Chinese authorities and should be consolidated by the end of 2019.