Wal-Mart Stores expects its Japan business to focus on remodelling existing stores rather than opening new ones this year, citing fierce competition and consumer reluctance to spend freely amid uncertain economic times.
But Wal-Mart, the world’s biggest retailer, has no plans to withdraw from the country and may open new stores if good locations can be found, Takeshi Kamigouchi, head of the company’s Japan business told reporters.
His comments come as Wal-Mart conducts a review of global assets amid speculation that it could pull out from some countries such as Brazil and other Latin American markets.