In a major development to company’s overseas market expansion plan, Wal-Mart Stores Inc, the retail arm of the US business giant Wal-Mart, has attained a bid to buy all shares of the supermarket chain Distribucion y Servicio (D&S) in Chile, Latin America.
“These controlling shareholders will enter into a long-term stockholders’ agreement with Wal-Mart regarding D&S, which will continue to operate with its existing leadership, associates and brands,” according to a company press release.
Michael T Duke, vice chairman, Wal-Mart, said, “Moving into Chile is an important step in implementing Wal-Mart International’s strategy. We continue to focus on portfolio optimisation, global leverage and winning in every market.”
Currently, D&S operates 185 stores in Chile and is a significant player in the country’s grocery retail sector.
Besides its strong presence in countries including Argentina, Brazil, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua and Puerto Rico in Latin America, Wal-Mart operates 4,100 stores in the US and 3,100 stores in other countries.
— IndiaRetailing Bureau