US retail giant Wal-Mart has said it remains committed to entering the Russian market, despite reports that Stephan Fanderl, CEO of Wal-Mart Russia, has quit over frustration at the group’s slow pace of expansion.
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Konstantin Dubinin, director of corporate relations in the region, insisted that Wal-Mart’s strategy – which is determined centrally by Wal-Mart International CEO Doug McMillan – is still focused on expansion in Russia.
“Wal-Mart still considers Russia as a very promising market with good prospects.” Dubinin said. “Soon the company will announce the name of Fanderl’s successor”.
According to Russian analysts, Wal-Mart’s expansion drive has been held back by fears over distribution and accommodation of its stores, as well as its ability to compete with local players.
“The development of the company in any region starts with buying one of the major local retailers. However, in Russia, the company still has no suitable objects that it would be interested to buy, despite recent rumors of its interest to Lenta and Kopeyka,” one analyst observed.
Fanderl was not available for comment.
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