US retail giant Wal-Mart said today (29 January) that it is eyeing up long-term growth opportunities in their current markets, despite continued rumours of the company’s plans to enter the Russian market.
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A spokesperson for the retailer told just-food that its priorities were to concentrate on markets they already have operations in and look for growth opportunities in markets where customers “want to see us” and “where it makes sense for our long-term growth”.
Earlier this month, Wal-Mart joined the retail lobby group the Russian Retail Association – a further hint the retailer is positioning itself for entry into the Russian retail market.
Speaking at a two-day analyst and investor meeting last October, the group announced plans to shift more capital toward faster-growing emerging markets in the next five years in a bid to expand its international business.
The retailer said it is focusing spending on building more smaller-format stores, on remodelling outlets and emerging markets, mentioning in particular, Brazil and China.
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By GlobalDataThis month, Wal-Mart cut its earnings forecast after posting Christmas sales that failed to meet expectations.
Same-store sales rose by 1.7% in December and total sales dropped by 0.1% to US$46.51bn. The company’s performance was hampered by slow sales in its Sam’s Club and international businesses, where sales declined by 2.1% and 10.4% respectively.
