Walmart (WMT) on Tuesday unveiled its ambitious $5 billion effort to grow its retail business, which has been struggling to recover from the recession.
The company plans to add about 10,000 stores to its current 7,000 as it continues to make major investments in new stores, as well as expanding its distribution and logistics infrastructure.
Walmart said it plans to invest $2.5 billion in its online and mobile business.
More: Walmart’s chief financial officer said the retailer will spend $3 billion to expand its distribution network, adding up to about 1,400 additional stores.
On Monday, Walmart said sales in China grew 1.4% in May, but analysts were concerned that the figure may not be as strong as the retailer had expected.
Walmart will open about 1.6 million new stores in China over the next year, the company said.
Walmart, based in Bentonville, Ark., said it expects to spend about $3.5 trillion over the coming five years, of which it will have about $2 trillion left to spend.