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November 12th, 2004
Chine - Wal-Mart Stores Inc., the world's largest retailer, plans to open as many as 15 new stores in China next year, competing for a foothold with Carrefour SA and Metro Group as the government lifts curbs on foreign retailers. Wal-Mart, which has 40 outlets in major cities such as Beijing and Shenzhen, will focus on smaller provincial cities, Joe Hatfield, chief executive for Asia at the Bentonville, Arkansas- based company, said in an interview in Beijing. Dusseldorf-based Metro, the world's fourth-largest retailer, plans to add 12 stores in China next year, boosting the total by half, Chief Executive Hans-Joachim Koerber said in a statement. Carrefour, based in Paris, plans to increase its number of supermarkets and larger supercenters to 59 this year from 53 now, Jean-Luc Cherreau, managing director of Carrefour China, said in an interview in Shanghai. The company will also have about 200 smaller stores under its discount ``Dia'' banner by year-end, he said.