Walmart Reports It Has Not Decided to Sell Japan Seiyu Supermarket
TOKYO, JAPAN - Walmart’s Japan-based brick-and-mortar Seiyu was reported to be up for grabs just last week, but right after news hit, Walmart is singing a new tune, claiming that it has not decided upon selling the banner. Instead, it hopes to further develop business in Japan, Reuters reported.
“Walmart has not made a decision to sell Seiyu. We are not in any discussions with prospective buyers, and we continue to build our Japan business towards the future to meet the changing needs of customers there,” a spokesperson for Walmart told Reuters.
Walmart was reported to be seeking a departure from the Japanese market, according to Nikkei Asian Review, but other news outlets are saying that is not so. What complicates the notion that the company wants to leave Japan is that it also has an online grocery delivery service in Japan with e-commerce firm Rakuten, as we previously reported.
Online retailers, discount drugstores, and convenience stores are encroaching upon Japanese supermarkets, which are currently seeing lower profits, according to Reuters. The news source goes on to explore the idea that the loss of Seiyu’s 300+ stores would mean the loss of a large asset that another company would benefit from in Japan, which is host to a broadening market for global private equity funds.
Will Walmart stick it out and stay the course with Seiyu, or will it open up to new possibilities while granting another company a go of it with the overseas retailer? AndNowUKnow will keep you updated!
