Wal-Mart vying for Russian retailer

What a difference a year makes.

In August of last year, shares of Wal-Mart (NYSE: WMT) were trading in the low $40s as investors focused on the company's stagnating growth, horrific reputation on labor and the environment, and struggles in overseas markets like China.

Now the economy's in the toilet and cost-conscious consumers have propelled shares of the world's largest retailer to its highest level since early 2002, and the company is looking to make a bold entrance into Russia.

Forbes reports that Wal-Mart is bidding against Carrefour, Kesko, and Agrokor Group, to buy Russian retailer Lenta, in a deal that could reach into the $2 billion range.

Given that Wal-Mart is in the midst of a much better run than the other bidders, it seems likely take home the prize. The timing for Wal-Mart to break into new international markets could not be better: with commodity prices soaring in the midst of general economic malaise, even consumers who aren't normally as cost-conscious as Wal-Mart's core constituency are likely to give the discounter a try.

And if people get hooked on Wal-Mart during tough times, they might decide they still like saving money after the global economy turns around.