Wal-Mart is pursuing aggressive international expansion, but apparently this strategy does not apply to the country of South Korea, where Wal-Mart has announced it is selling all of its stores to local company Shinsegae Co. for $882 million. Wal-Mart then plans to exit the country completely. What does this signal to investors? Why would Wal-Mart be exiting such a potentially lucrative marketplace like South Korea?With French grocery giant Carrefour also recently selling all its' stores in South Korea -- to focus more on China -- is South Korea a dead zone when it comes to the retail merchandise business?
Hardly.
Wal-Mart says the current economic environment in South Korea would make it hard for the retailer to scale its business there. But is Wal-Mart's real plan to focus more in the PacRim areas that will show more short-term growth?
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