The FINANCIAL — Walmart Inc. (“Walmart”) has agreed to sell its business in Argentina to Grupo de Narváez, a Latin American group. The new ownership, which has retail operations in Argentina, Ecuador and Uruguay, brings strong local expertise that will position the business to thrive.
The deal marks an exciting new chapter in the business’ 25-year history. Walmart will continue to support the business through transition services and sourcing agreements under the new ownership, however, it will not retain an equity stake.
Walmart Argentina has demonstrated both incredible resilience and exciting innovation throughout the COVID-19 pandemic, significantly expanding its omnichannel capabilities to serve a broader base of Argentinians. Under Fernando Minaudo, Grupo de Narváez CEO, the new owners will continue to drive long-term growth for the business in Argentina’s dynamic retail environment. The company will remain one of Argentina’s largest employers and will continue to work closely with suppliers to provide the best value for customers, maintaining its commitment to supporting domestic suppliers and small businesses. Dolores Fernandez Lobbe will continue to support the business through a transition period, after which she will move into a new role within Walmart.
Walmart Argentina started operating in 1995, with the launch of its first shop in Avellaneda. Since that time, the business has grown to more than 90 stores and 9,000 associates under the Changomas, Mi Changomas, Walmart Supercenter and Punto Mayorista banners. The Changomas, Mi Changomas and Punto Mayorista banners will continue to serve customers in Argentina, following the transaction. Walmart Supercenters will be rebranded following a transition period.
Judith McKenna, President and Chief Executive Officer of Walmart International, said, “We are very proud of our Argentina business and associates as they’ve led and shown resilience throughout this year serving customers when they needed them most. We are excited by the local retail expertise the new owners bring to this already strong business, and we believe this deal creates the right structure to help it truly flourish for many years.”
Fernando Minaudo said, “We are very proud and excited about this new investment. We share the same values: a customer-centric philosophy, focus on operational excellence and commitment to the communities in which we operate. The company’s performance and dedication of its incredible associates through the COVID-19 pandemic have demonstrated the fundamental strength and resilience of the business, and we are thrilled to support the team, drive long-term growth and create new opportunities for associates and suppliers across Argentina.”