Walmart Announces Closure of Moscow Office
McMillon: "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."
12/14/2010 --- Wal-Mart Stores, Inc. has announced that while it remains interested in entering the Russian market through an attractive acquisition, it will close its Moscow office.
"The Russian market is a compelling retail opportunity and we believe that Russian consumers could benefit from Walmart's value proposition," said Doug McMillon, CEO of Walmart International. "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."
"We continue to be excited about our international business, including markets where we already operate, such as Brazil, China and India, where we have tremendous growth opportunity," McMillon said. "Our strategy remains focused on delivering growth, leverage and returns, and on making a difference for our customers and generating returns for our shareholders."
