The Wall Street Journal reports Thursday that Wal-Mart Stores Inc.'s African retail arm, Massmart, will add 90 new stores over the next three years, specifically in areas including Angola and Nigeria:
The group said the focus is on fresh food growth. It will open a stand-alone food store in West Africa as a trial by the end of the year, with hopes of expanding that to East Africa. It is also adding more brands from Wal-Mart stores in other parts of the world to its African operations, including a clothing line from the U.K. in November.
Wal-Mart announced in 2010 its intentions to take a 51 percent stake in the African retailer. At the time, Wal-Mart told analysts that it planned to add 100 stores to South Africa over the next four years. But expansion has been slower than the retailer predicted.
Wal-Mart closed on the $2.4 billion Massmart deal last year.
- Dillard's Investor Advises Company to Pursue REIT Spinoff
- Video: ARK Challenge Concludes Fourth Run in Little Rock
- The Hop Diner is Closing; At the Corner Opening in Its Place
- Wal-Mart Used Technology to Become Supply Chain Leader 2 years ago
- Tyson CEO Donnie Smith: Hillshire Opens Door to More Growth 4 days ago
- Entergy Breaks Ground on New $23M Center in Little Rock 2 weeks ago
- El Dorado Chemical Co. to Build $120M Plant, Resume Existing Operations 2 years ago
- Brandon Barber Faces Bond Revocation, Jail For Violating Pretrial Release Terms 1 year ago