Wal-Mart, the world’s largest retailer, has joined the Russian Retail Association as it continues to position itself for entry into the Russian retail market.
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A spokesperson for the retailer confirmed today (2 January) that the company joined the retail lobby group following its appointment of Dr. Stephan Fanderl to investigate expansion possibilities in Russia and neighbouring markets in April.
“We joined the Russian Retail Association this summer,” the spokesperson said.
However, Wal-Mart declined to provide a timescale for its long-anticipated entry into Russia. Nor would the spokesperson comment on whether it is considering buying up a local retail chain.
According to a Reuters report, which cited an unnamed investment banking source, Wal-Mart is currently in takeover talks with Russian retailers in need of a cash injection.
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By GlobalDataThe Russian retail sector has been hit by the global economic crisis as credit becomes more expensive and harder to come by. This has triggered speculation that the pace of consolidation in the market will quicken, as heavily indebted players are squeezed out.
