Walmart International focusing on growing existing business
Thu, 04/12/2012 - 12:46 EDT - Financial Post
Wal-Mart Stores Inc. is focused on improving results in China and other foreign countries where it already operates, its top international executive said on Thursday, with a special emphasis on expansion in Canada
(Reuters) - Wal-Mart Stores Inc is focused on improving results in China and other foreign countries where it already operates, rather than on entering new markets, its top international executive said on Thursday.
Wal-Mart Stores, Inc. (WMT) announced yesterday that it is launching its own money-transfer service on April 24, 2014. The service, dubbed Walmart-2-Walmart, offers direct competition to The Western Union Company (WU) and MoneyGram International Inc (MGI), two dominant players in the money transfer business.
TORONTO — No wonder Target got crushed in Canada —Walmart’s sales per square foot in Canada were five times higher than the bullseye-logoed retailer despite all the hoopla over the mass merchant’s entry in 2013.
A new report from real estate firm Colliers International reveals sales per square foot at Target Canada were $97 in 2013, compared with Walmart Canada’s average of $492 per square foot.
CHICAGO — A group of Walmart employees pushing for higher wages said on Friday they were planning protests at 1,600 Walmart stores nationwide on Black Friday, the biggest shopping day of the year in the United States.
The labour group, Our Walmart, said it had protested 1,200 to 1,400 Walmart stores last year on Black Friday, the day after the Thanksgiving holiday.
Wal-Mart Stores Inc., the world’s largest retailer, hired Delhaize Group SA executive Dirk Van den Berghe to lead its Canadian operations.
Van den Berghe has 30 years of international business experience and most recently led food retailer Delhaize’s operations in Luxembourg and its home country of Belgium, Wal-Mart said Thursday in a statement. He’ll officially become chief executive officer of Wal-Mart Canada on Aug. 1.
TORONTO – Walmart Canada’s market share just keeps growing, but its drive to expand in a hypercompetitive retail sector weighed on the company’s quarterly results Thursday, which marked the mass merchant’s sixth-consecutive quarter of falling same store-sales and traffic.
The retailer saw an overall revenue gain of 1.2% in the period, while same-store sales, a key retail industry bellwether that strips out the effects of added square footage year-over-year, fell 1.4%.
Walmart Canada is known as the industry giant who forces other retailers to lower their prices to keep up, but its latest results suggest stiff industry competition is taking a toll on the mass merchant.
The unit of the world’s biggest retailer reported a third-quarter decline in customer traffic Wednesday and a drop in same-store sales, an important industry barometer of retail strength.
And, like grocery rival Loblaw, Walmart is feeling an impact from the pricing war even as it helps to spur it.