International retail giant Wal-Mart Stores Inc has announced today that it is to close its Russian office, located in Moscow, as it sees 'no business reason' to continue with the operation.
However, the group revealed that it remains interested in entering the Russian market if an 'attractive acquisition' were to present itself.
'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 representative opportunities.'
Mr McMillon explained that the group remained 'excited' about its international business, including existing markets such as Brazil, China and India, where there remained 'tremendous growth opportunity'.
'Our strategy remains focused on delivering growth, leverage and returns, and on making a difference for our customers and generating returns for our shareholders,' he added.
