The FINANCIAL — One of the world's largest retailers, Wal-Mart, is closing its Moscow office, although it remains interested in entering the local market through an acquisition, Wal-Mart said on on December 13, according to RIA Novosti.
The FINANCIAL — One of the world's largest retailers, Wal-Mart, is closing its Moscow office, although it remains interested in entering the local market through an acquisition, Wal-Mart said on on December 13, according to RIA Novosti.
"The Russian market is a compelling retail opportunity and we believe that Russian consumers could benefit from Wal-Mart's value proposition," Wal-Mart quoted Doug McMillon, CEO of Wal-Mart International, as saying in a statement.
"Since we have decided to enter the market through acquisition, not greenfield development, and since there is no clear acquisition partner in the near term, there is not a business reason to continue our Moscow representative office. We will continue to pursue market entry opportunities."
Wal-Mart has been in acquisition talks with discount chain Kopeika , which was bought earlier this month by X5 Retail Group, Russia's largest supermarket operator.
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