Walmart closes Moscow Office
The world’s largest retailer, Walmart, has closed its Moscow headquarters.
Walmart’s International President, Doug McMillon said that there was little point in maintaining a Moscow headquarters at this time, although the company wasn’t giving up on its long term plans to enter Russia. Walmart is keen about entering the Russian retail market through an offer for the Kopeyka chain in October, but Russia’s largest retail player, X5 group, took over its smaller rival.
“Walmart is American retail giant but, “The market is growing and the current retail business owners expect to get higher yields from it, and are not willing to sell their business but are purchasing and acquiring more, rather than exiting. This year was very fruitful on retail acquisitions and IPOs. We saw number of X5 group deals and the Okey IPO which means that they are not looking to sell their business”
McMillon says Walmart will bide its time while trying to find the right access point for the Russian market, but added it is not going to go way.http://bit.ly/hzxN9G