Wal-Mart (NYSE: WMT)'s international chief, John Menzer, is leaving the company after 12 years. Menzer will retire on March 1, leaving behind a good legacy of international expansion and growth, along with a few high-profile failures in the process.

Although Wal-Mart has done exceptionally well in Mexico recently, the world's largest retailer also failed miserably in Germany and South Korea. It exited both countries at the same time it was mulling market introductions into China and India (which it completed in 2007).

Wal-Mart CEO Lee Scott gave huge kudos to Menzer, saying, "I have seen first-hand the difference he has made ... he is probably best known for transforming Wal-Mart International into a well-organized, fast-growing and profitable business. But he is also a talented corporate strategist and I personally have found him to be a valued business counselor."

Menzer's streak in finding nuggets in the rough to allow Wal-Mart entry into many global markets was impressive. He led the acquisition of UK-based ASDA (turning out well) as well as Japan's Seiyu (not so well). Wal-Mart has said that it will divide his responsibilities into individual international businesses to achieve tighter focus, meaning Wal-Mart's growing international presence will see more autonomy than before. To ensure it can grow its business outside the U.S. (its largest market), this is most likely for the better.

At its annual two-day analyst meeting, Wal-Mart Stores, Inc. (NYSE:WMT) has outlined its plan for continued overall growth despite slower implied capital spending growth beyond next year. The plan was presented by Tom Schoewe, Wal-Mart Stores executive vice president and chief financial officer.

Global square footage is expected to increase by approximately 7.5% in fiscal 2008. The company also said that it estimates capital expenditures for its next fiscal year will grow at a significantly lower rate than spending for the current fiscal year.

"The Company projects its capital spending in fiscal 2008 to increase by approximately 2 to 4 percent, which compares to the 15 to 20 percent increase forecast for fiscal 2007," said CFO Schoewe.

Wal-Mart expects to open more than 600 new locations in the United States and around the world. The Company's expansion program will add approximately 60 million square feet next year through a variety of formats worldwide before any possible future acquisitions.

"We are still very committed to growth, but our real estate projects are now being subjected to a more rigorous prioritization process," explained Wal- Mart Vice Chairman John Menzer. "This store selection process will enable the Company to drive higher returns by focusing on locations that make the most efficient use of capital."

CFO Schoewe said that the company will continue growing through new unit expansion, acquisitions and same-store sales.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.