Walmart (WMT) is making a big move in China with plans to reportedly open 500 new stores over the next five to seven years. The additional stores will nearly double Walmart’s presence in China, giving the retailer more foothold in the country since its initial foray in 1996.

Chinese newspaper China Daily first reported the store additions with a Walmart spokesperson confirming the news to Business Insider, saying that the new locations would be a combination of smaller stores, supercenters, and depots with more than 200 of its existing stores undergoing remodeling in the next couple of years as well.

"Since entering China more than 20 years ago, Walmart has strived to be the most trusted retailer in this market, and we have remained competitive by always providing value and quality," James Ku, senior vice president of China Realty at Walmart said in a press statement (via Business Insider).

"Today, Walmart is leveraging omnichannel and multi-format strategies to bring customers freshness, value and convenience. We will continue to collaborate with partners and policymakers in China to accelerate our expansion, introduce new innovations, and advance our omnichannel services to help our customers live better lives," he added.

Walmart has 433 stores in China to date.

Shares of Walmart stock wer down 0.18% as of 10:33 a.m. EST on Friday.

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The Walmart logo is seen on a store in Washington, D.C., March 1, 2019. Walmart is now using virtual reality headsets to find out which of its employees have the aptitude to take on  managerial roles. The VR skills assessment is part of the company’s selection process to find new middle managers. NICHOLAS KAMM/AFP/Getty Images
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