|
But
Wal-Mart, the world's biggest retailer, has no plans to withdraw
from the country and may open new stores if good locations can
be found, Takeshi Kamigouchi, head of the company's Japan
business told reporters.
His comments come as Wal-Mart conducts a review of global assets
amid speculation that it could pull out from some countries such
as Brazil and other Latin American markets.
Despite bold monetary and fiscal stimulus, Japan's consumer
spending has been hit by a 2014 hike in the national sales tax,
as well as increases in the cost of food and other goods on the
back of a weaker yen. Shoppers also face the prospect of a
another hike in the sales tax although the government is now
considering a delay.
Kamigouchi said, however, the company's same-store sales in
Japan had been growing year-on-year over the past two years.
"When we listen to our customers there's no sign of dramatic
improvement. They're still living in a defensive mode," he said.
"But three to four years ago the number of customers was dire.
The number of customers has been improving in the past two
years, which is encouraging and good for our business."
Closures of some stores announced two years ago are now mostly
completed, he added.
Wal-Mart operates Seiyu-brand stores in Japan. It first invested
in the company in 2002 and took full control in 2008.
But it has struggled to leverage its global scale against local
retail giants Aeon Co and Seven & i Holdings Co. It now has 345
stores in Japan compared with 434 before the closures announced
in 2014.
(Reporting by Ritsuko Shimizu; Writing by Ritsuko Ando)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed. |
|
