Wal-Mart: New Asia HQ

Wal-Mart is to invest a total of CNY700 million ($84.4 million) to build its new Asia headquarters in the Futian district of Shenzhen, according to reports in the Chinese press.

The new Wal-Mart facility, which will cover a total area of 200,000 sq m, is expected to begin operations in 2007.

The headquarters will reportedly include Wal-Mart’s global purchase centre, which is currently located in the Luohu district of Shenzhen, as well as entertainment facilities such as a shopping mall and a new cinema.

In separate news, the retail giant announced that same stores sales grew by 4.1 per cent in February, just beating Wall Street expectations, which were between 2 and 4 per cent. Total retail sales jumped 11 per cent to $22.37 billion from $20.16 billion a year earlier.