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Wal-Mart Stores closing its Moscow office

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  • Wal-Mart Stores closing its Moscow office

    Wal-Mart Stores is closing its Moscow office, still interested in Russian market


    BENTONVILLE, Ark. (AP) -- Wal-Mart Stores Inc. is closing its Moscow office but says it is still interested in the Russian market.

    The world's biggest retailer said Monday that it has been looking to enter the Russian market through an acquisition, but has not found a near-term opportunity so it does not need the Moscow office at this time.

    Doug McMillon, the CEO of Walmart International, says in a statement that Wal-Mart "will continue to pursue market entry opportunities."

    Wal-Mart has continued to expand its business overseas in countries including Brazil, China and India. Last month Wal-Mart announced that it was buying a controlling stake in South African retailer Massmart in a 17 billion rand (approximately $2 billion) deal.

    Wal-Mart's overseas business makes up about 25 percent of its revenue, generating more than $100 billion in the fiscal year that ended Jan. 31.

    Wal-Mart, based in Bentonville, Ark., has 8,692 stores in 15 countries. Its fiscal 2010 sales were $405 billion
    “the misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all” -- Joan Robinson

  • #2
    Maintaining a Moscow office is a drop in the bucket dollar-wise for Wal-Mart. There's a message in this closing. Like maybe, the Russian business scene is too riddled with corruption for a US company. It's interesting however that the largest Russian uranium producer just bought up the US holdings of Uranium One, a Canadian producer. Connection? Probably none.
    To be Truly ignorant, Man requires an Education - Plato

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    • #3
      I look at it this way -- only the Russians with guts to say no to Wal-Mart
      “the misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all” -- Joan Robinson

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      • #4
        or even Wal-Mart can´t afford such bribes?
        If i only was so smart yesterday as my wife is today

        Minding your own biz is great virtue, but situation awareness saves lives - Dok

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        • #5
          They do have McDonalds restaurants and Coke (Coca Cola) though dont they?
          Fortitude.....The strength to persist...The courage to endure.

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          • #6
            Originally posted by xinhui View Post
            I look at it this way -- only the Russians with guts to say no to Wal-Mart
            Saying no to Wal-Mart is common even here, but that doesn't stop them. Something else is going on here. The office closing was a message: maybe they're saying the cost of doing business in Russia is over the top.
            To be Truly ignorant, Man requires an Education - Plato

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            • #7
              How is Moscow going to be afected by one less ( or one more if you like ) retailer ?
              Dont say jobs , that's just a sales pitch nobody belives anymore.
              J'ai en marre.

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              • #8
                I think everyone has been avoiding wall mart recently
                sigpic

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                • #9
                  you have stats to back this up.

                  Success by sector

                  What’s more, sales growth seemed to be distributed throughout most retail segments, instead of being concentrated at discount stores, as in years past. In November, apparel retailers and department stores posted same-store sales growth of 4.2 percent, according to ICSC. Sales at luxury stores grew 7.3 percent and at discount stores (not counting Walmart) 2.6 percent.

                  Holiday Sales Come in Strong, but Consumers Will Remain Challenged in 2011
                  “the misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all” -- Joan Robinson

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                  • #10
                    Walmart carries the cheapest bulk 22LR ammo around here. A 550 round bulk pack of Federal 22LR is only $19. That comes out to be $0.0345 per shot.

                    Walmart may have some other cheap crap, but I don't normally shop there.
                    "Only Nixon can go to China." -- Old Vulcan proverb.

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                    • #11
                      Originally posted by gunnut View Post
                      Walmart carries the cheapest bulk 22LR ammo around here. A 550 round bulk pack of Federal 22LR is only $19. That comes out to be $0.0345 per shot.

                      Walmart may have some other cheap crap, but I don't normally shop there.
                      Walmart is not all cheap crap. we bought our dyson vaccum there for example, and outfitted our kitchen with name brand high quality stuff like Paula Dean cookware.

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