by Lance Turner
Posted 8/22/2013 10:05 am
Updated 11 months ago
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.