Wal-Mart joins Russian retail association

Tuesday, 30 December 2008
Wal-Mart is now a member of the Russian retail association, the outfit said on Monday, suggesting that the firm is planning on expanding into the country.

The association's executive director Ilya Belonovskiy told Reuters that Wal-Mart is "working on the Russian market", but refused to comment further.

Earlier this year, Wal-Mart confirmed it was making "active steps" to research the Russian market and countries close to it.

The firm also hired an executive to consider the Russian retail sector and the opportunities it may generate.

In November, Wal-Mart said Lee Scott is retiring as chief executive and will be replaced by Mike Duke early in 2009.

Wal-Mart revealed the month prior to this that it will slow down US store openings in the coming year becuase of the present economic environment.
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