Walmart to open 500 new stores in China

The retail apocalypse might be coming for big chains across the globe but some retailers are still seeing success despite the downward trend.

No stranger to expanding its footprint, Walmart announced Thursday that it would be doubling down in China where the company will open 500 new stores in the next five to seven years.

This comes after Walmart's decision in June to begin putting over $1 billion into its China division, a smart move for the brand seeing as Walmart's China sales grew 6.3 percent last quarter in comparison to the same quarter last year.

Groceries and online shopping are areas that Walmart will hone in on when it comes to their massive growth plan for China, CNBC reported alongside a statement from James Ku, a senior vice president at Walmart China, who told the outlet that Walmart will be using "multi-format strategies to bring customers freshness, value and convenience."

Walmart currently has 433 brick and mortar stores in China.