Wal-Mart plans Latin American acquisitions, Regional CEO Says
Wal-Mart Stores Inc., the world s largest retailer, plans to make acquisitions and open new outlets in Latin America, said Eduardo Solorzano, president and chief executive officer of the region.
I don t believe there is a name that we would withhold or withdraw from the list of prospects, Solorzano, 52, said in an interview yesterday in Miami. I believe that we are going to do an acquisition if it makes sense economically, he said, without disclosing potential targets.
Wal-Mart is seeking growth in fast-growing markets such as Brazil, China and India as its U.S. sales have stalled. The retailer said last week that domestic sales would be more challenging in the first quarter after reporting fourth- quarter revenue that trailed its projections. International sales account for a quarter of the company s revenue.
Wal-Mart doesn t have specific expansion plans to announce, Solorzano told reporters and employees yesterday in a press conference to discuss the opening of an office to oversee operations in Mexico, Brazil and seven other Latin American countries.
The Bentonville, Arkansas-based company is exploring new territory in Latin America, Solorzano said at the press conference. The size of the opportunity in Latin America is huge, Solorzano said.
Wal-Mart also will expand in existing markets, such as Brazil, where it plans to spend $1.2 billion opening new stores this year, Solorzano said. He took charge of the territory last month after running the retailer s Mexican unit for five years.
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