Wal-Mart on a growth spree; acquires 545 stores this week
17 Dec '05
3 min read
World largest retailer Wal-Mart Stores Inc acquired 545 new stores and more than 50,000 new associates in Japan and Brazil this week, capping a year of robust growth for the Bentonville-based retail chain.
On Thursday, The Seiyu Ltd, a leading Japanese retail chain with 405 stores, announced that shareholders had taken the steps necessary for Wal- Mart to acquire a majority interest in the company. This followed the announcement Wednesday that Wal-Mart would acquire 140 Sonae stores in Brazil.
The company also confirmed that Wal-Mart would build expanded stores, offering fresh food and a wider selection, in Canada next year.
These developments follow the September announcement that Wal-Mart had purchased a one-third interest in Central American Retail Holding Co. (CARHCO) with 363 supermarkets and other stores in Guatemala, Honduras, El Salvador, Nicaragua and Costa Rica.
And Wal-Mart's growth will continue in 2006 with plans to open as many as 600 new stores and clubs, including up to 230 new international stores and 370 U.S. units. Wal-Mart currently operates more than 5,400 stores and clubs worldwide.
This week's transactions include:
Wal-Mart - Seiyu Wal-Mart has had a minority interest in Japan's Seiyu stores since March of 2002. Thursday, Seiyu's shareholders approved increasing Wal-Mart's ownership stake to 54 percent, making Seiyu a subsidiary of Wal-Mart. Seiyu employs 34,150 associates throughout Japan.
marketing@alchempro.com
