Walmart reassesses Russia strategy
Walmart has announced the closure of its office in Moscow, opened just last year, as it does not see any suitable acquisition opportunities on the horizon.
The giant retailer has said it is still interested in Russia, but that it has decided to enter the market through acquisition rather than greenfield development. “Since there is no clear acquisition partner in the near term, there is not a business reason to continue our Moscow representative office,” said CEO Doug McMillon.
“We will continue to pursue market entry opportunities,” he added.
Other emerging markets in which Walmart spies big growth opportunities include Brazil, China and India.
