Wal-Mart, the world’s largest retailer, plans to develop new foreign markets to generate growth for the company as sales in the US continues to languish.
Wal-Mart international chief Doug McMillon has stated the company’s international division is a growth engine for the retailer, according to French news agency AFP.
'We want thoughtful acquisitions that deliver value over time,” he said.
The company was most interested in markets in South Africa, China, Argentina, Chile and Mexico, he added.
Wal-Mart announced in September it would buy South African retailer Massmart for about US$4.25bn.
Mr McMillon said the two companies share a 'real good cultural fit.'
Wal-Mart's international sales reached US$100bn last year in more than 4,000 stores worldwide.
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