New York, May 10 (FinanceEnquiry.com) – On Thursday, Wal-Mart Stores Inc (NYSE: WMT) revealed they have no immediate plans for expansion in new markets whereas it is currently focussing on strengthening its existing operations in Africa.
Last year Wal-Mart spent $2.4 billion on a majority stake in South Africa’s Massmart, a discounter with a growing presence on the continent. Presently, Massmart is located at 12 markets.
Massmart has less stores outside South Africa, giving it a foothold, however, has no presence in markets such as Ghana, Nigeria and Uganda. Africa’s most populous country, Nigeria, has scope for 20 stores, says Massmart’s chief executive. From Africa’s rising disposable incomes benefit the company is looking to build out its grocery business.
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Shares of the company grew more...