Walmart, the retailing giant controlled by the Walton family, has given further insights into its emerging market strategy outlining plans for its stores in China.
Dough McMillon, chief executive of Walmart's international business, said in an interview with the Financial Times that it will be opening a series of "compact hypermarkets" in China based on the company's successful model used in Latin America.
The store style is smaller and more basic than Walmart stores in other developed markets and is aimed at reaching lower-income customers in China. "It is going to help us reach more people, not only in urban markets but also reaching people in rural areas," McMillon told the Financial Times.
This news follows the announcement on 29 November that the Bentonville, Arkansas-based retailer has bid for 51% of South African retailer Massmart. (Continue reading here)
Walmart, the world's largest retailer by revenues, offered €1.75 billion for the share in Massmart, which if the deal goes ahead would be the US retailer's first foray into Africa and its largest emerging market acquisition so far.
The Walton family still controls around 40% of Walmart, which had 2009 revenues of $405 billion and prides itself on its slogan: "saving people money so they can them live better."
Christy Walton – the wife of the late John Walton, who was the son of the founder Sam Walton – is the wealthiest, according to Forbes. Her family's fortune was estimated at $22.5 billion, although she has no management role in the company.
Jim Walton, the youngest son of Sam Walton, was the second family member on the Forbes billionaire list, with an estimated fortune of $20.7 billion.
His elder brother Rob Walton, with an estimated fortune of $19.8 billion, is chairman of Walmart.
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