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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Q+A: Pakistan's Taliban: who are they what can they do? | 6:36am EDT Bombers take bin Laden revenge in Pakistan | 11:27am EDT Special report: The bin Laden kill plan | 12 May 2011 Cisco braces for biggest layoffs in its history 8:22am EDT Fukushima reactor has a hole, leading to leakage | 12 May 2011 Discussed 148 Obama at U.S. base to pay tribute to bin Laden mission 116 Son says bin Laden sea burial demeans family: report 59 Muslim scholars pulled from Delta plane in Memphis Watched Dozens die in Pakistan suicide blast 5:55am EDT Russia 'shot down Georgia' drone Mon, Apr 21 2008 Hunt for bin Laden; in 60 seconds Thu, May 12 2011 Wal-Mart to buy stake in China web shop Yihaodian Tweet Share this CHICAGO (Reuters) - Wal-Mart Stores Inc plans to buy a minority stake in Chinese e-commerce company Yihaodian, giving the world's largest retailer a stronger foothold online and in the fast-growing China retail market. Financial terms were not... Email Print Related News UPDATE 3-Expansion pays off for Sainsbury in tough market Wed, May 11 2011 Cuban workers may press Wal-Mart bias case: court Tue, May 10 2011 Massmart says local buying rule could put off Wal-Mart Tue, May 10 2011 UPDATE 3-Massmart says local buying rule could put off Wal-Mart Tue, May 10 2011 UPDATE 3-Whole Foods ups 2011 view on profit beat Wed, May 4 2011 Analysis & Opinion Yahoo caught short by Alibaba’s mystery rejig Global commodity craze should be good for Africa Related Topics Technology Home » Deals » Global Deals Data 2011 Q1 » Inflows Outflows » China » Stocks CHICAGO | Fri May 13, 2011 10:28am EDT CHICAGO (Reuters) - Wal-Mart Stores Inc plans to buy a minority stake in Chinese e-commerce company Yihaodian, giving the world's largest retailer a stronger foothold online and in the fast-growing China retail market. Financial terms were not disclosed. The deal is expected to close within 60 days, Wal-Mart said on Friday. The Yihaodian investment fits into two goals for Wal-Mart -- expanding online and internationally. Wal-Mart Chief Executive Mike Duke has stressed the company's focus on those areas as its U.S. sales at stores open at least a year have fallen for seven consecutive quarters. Yihaodian offers more than 75,000 items, including groceries, consumer electronics and apparel. The company has operations in Shanghai, Beijing and Guangzhou. The company, launched in July 2008 by Chairman Gang Yu and CEO Junling Liu, offers next-day delivery at competitive prices, Wal-Mart said. China's online sales are projected to match U.S. online sales in the next few years, Eduardo Castro-Wright, vice chairman, Wal-Mart Stores and CEO of Walmart Global eCommerce and Global Sourcing, said in a statement. U.S. online retail spending jumped 10 percent to $142.5 billion in 2010, according to comScore Inc. Tapping into China's online market is a key step as Wal-Mart tries to capture more sales wherever people want to buy, whether online, via mobile phones or in stores. In the United States, Walmart now offers shoppers the option of selecting items online and picking them up at its stores. It is also testing home delivery of groceries ordered online in San Jose, California, and has agreed to buy social media company Kosmix to help grow its online and smart phone capabilities. Wal-Mart and others invested in China's top online seller of consumer electronics and communications products, 360buy, in late 2010. Wal-Mart entered China in August 1996. It now has 333 stores there, including 104 stores operated by Trust-Mart. Wal-Mart bought a 35 percent stake in Trust-Mart in 2007. Wal-Mart's biggest growth retail opportunity remains the United States, where it is opening more stores, followed by the potential to expand in China, Duke said last month. (Reporting by Brad Dorfman and Jessica Wohl, editing by Gerald E. McCormick and John Wallace) Technology Home Deals Global Deals Data 2011 Q1 Inflows Outflows China Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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