Wal-Mart looks East

World’s biggest retailer sets sights on Russia
June 22 2002
Wal-Mart Stores is reported to be planning to acquire a Russian supermarket chain.

Chain Store Age magazine reports that ZAO Promyshlenno-Finansovaya Kompaniya, which operates 31 stores in the Moscow area, had the Wal-Mart slide rule run over its operation by executives from the US company in April.
The visit to Moscow also included meetings with regional government officials and other retailers. ZAO’s 2001 sales were around $100m, and it is projecting $170m this year. Wal-Mart has not commented on the reports, but the magazine said it would be interested in an outright acquisition or a majority stake

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