Wal-Mart admits defeat in Germany and sells stores
Andrew Clark
Saturday July 29, 2006
The Guardian
The world's largest retailer, Wal-Mart, has made a rare admission of failure by selling its hypermarket chain in Germany at a loss of $1bn (£530m) after failing to convert the country's shoppers and regulators to its low-price, American-style trading.
Wal-Mart said yesterday that it was offloading its 85 German outlets to a local rival, Metro, in a move that calls time on its nine-year struggle to make an impact in the country.
YOU GO GERMANY! Now to see if anyone else is paying attention.
ReplyDeleteWall Street is gonna love this!
Michael Shuman, author of The Small-mart Revolution, is appearing at the Smart Growth Summit on Thursday.
ReplyDeletePaying attention? Jawohl!
NAC Readers,
ReplyDeleteOff topic, but currently pertinent. See my post concerning this past weeks 2007 Budget hearings at
http://highwayview.blogspot.com/