Doug McMillon, the chief executive of US retail giant Walmart's international operations, has revealed that the group is looking to improve returns from its existing businesses across the globe rather than focus on entering new emerging markets.
Markets such as China, Canada and the UK are crucial to the group's future, McMillon told investors and analysts, with the international business growing much faster than the saturated US market.
In the investor meeting, McMillon said that Walmart would continue to expand in Canada, where it is aiming to open a further 47 outlets, and explained that the group was looking to move to an everyday-low-price model in China – something that could also be brought in to Argentina, South Africa, India and Chile, Reuters reported.
While Walmart has no plans to enter Russia, having closed its office in the country in 2010, McMillon refused to rule our future entry.
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