In an attempt to turn around the global retail giant’s fortunes, it will open a second Walmarts in China and Vietnam.
The $1.2 billion Walmart Supercenter in Guangzhou, China, is the first new store to open in the country since its acquisition by the Bentonville, Arkansas-based retailer in 2014.
It will open this year, along with two new stores in Vietnam and Hong Kong, which will open in 2019.
The two new Supercenters are also expected to double the number of Walmart stores to more than 1,500 across the world.
Walgreens will open its first new U.S. store in 2018.
Walmart will open three new stores this year in Mexico, China and India, with a fourth opening in China in 2020.
Walmart, the world’s largest retail group, has been under pressure to slash costs to compete with rising prices in the United States, and the company’s profits have slipped to a 15-year low.
The company is aiming to cut costs in its biggest stores by 30% to 50% by 2025.
In 2016, the company cut $1 billion in costs and cut prices by a third to $1 a gallon in China, where it has its largest stores.