Walmart, the world's leading retailer, has moved to join the Russian retail association as it continues to 'explore opportunities' for entry into the country.
It follows the company's admission in 2008 that it was taking active steps to research Russia as well as a variety of eastern European markets, and the appointment of an executive in the country to explore business opportunities.
An investment banking source involved in advising Walmart told Reuters that the group was in acquisition talks with Russian chains that are looking for a cash injection. 'It's a very opportune moment for Walmart now that assets are getting cheaper.
Igor Belonovskiy, the executive director of the Russian retail association, added that Walmart is currently 'working on the Russian market'.
The 28-strong Russian industry lobby group also contains retailers such as Carrefour, Auchan, Metro AG, X5 Retail Group and Magnit.
