RETAIL giant Wal-Mart plans to spend nearly 500 million yuan (US$79.6 million) to renovate 50 stores on China's mainland and to open 30 new stores this year after announcing that three outlets will be closed to streamline its network last month.

Wal-Mart announced yesterday that it will upgrade the 50 stores this year to improve customer experience after having already renovated 31 stores in 2012.

The US hypermarket giant decided last month to close three outlets on the mainland next Monday, including one in Shanghai's Minhang District, which will then leave Wal-Mart with 21 outlets in the city.

"We will continue to upgrade our operations and invest in our stores. We remain committed to our previously announced plan to open more than 100 new stores in the next three years (on the mainland)," Greg Foran, president and chief executive officer of Wal-Mart China, said.