Wal-Mart Moves Closer to Russia

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Wal-Mart, the world’s largest retailer, has registered a legal entity in Russia and joined a local retailers’ organization, the latest in a series of moves indicating its interest in expanding into the country.

The company registered a subsidiary under the name WM Eastern Europe Holdings and joined the Russian Association of Retail Trade Companies, or AKORT, which includes the 28 largest commercial organizations in the country.

“Wal-Mart is working on the Russian market,” Ilya Belonovsky, the executive director of the 28-member industry group said Dec. 29. He declined to elaborate.

Members of the association include French retail giants Carrefour and Auchan, Germany’s Metro, as well as local firms X5 Retail Group and Magnit.

Source: themoscowtimes.com