Walmart to sell the entire store for $3.9 billion
Walmart announced it will sell its entire Walmart Supercenter in Denton, Texas, for $4.9bn, the largest sale of its kind in the U.S. The sale includes nearly 100 stores and offices in Texas and the U-Korea.
Walmart has been trying to reduce its reliance on foreign customers as it tries to make inroads into the U, which has become a major growth market for the retailer.
In a statement, Walmart said the company would focus its efforts on growing its U.K. operations, where it has grown to more than 500 stores, and will “focus on developing new products, services and partnerships.”
Walmart has a strong reputation in the United Kingdom as a low-cost retailer, and the sale follows recent moves by Walmart to open its first U.N. headquarters in the country, the world’s largest exporter of food.
In 2016, Walmart agreed to sell its UK operations to German supermarket chain Aldi.
Walmart and Aldi were the first major U.B.P. buyers of Aldi’s UK business, which includes food, wine and other grocery products.
Walmart bought Aldi in 2014, with the goal of expanding its U-Shop and Walmart U-Pick services to the UK.
Walmart announced plans in April to begin operating a new U-Packing plant in Birmingham, Alabama, and announced plans for a second U.
Packing facility in Texas in October.
Walmart is planning to expand its U.-Package services to more countries, with plans to add another U-Package facility in Japan in the next year.
The retailer has also signed deals with the United States and Australia to bring its grocery, bakery, convenience store and restaurant business under the umbrella of the U., which could mean a boost to profits in the future.
“The Walmart brand continues to grow in countries around the world and we have always been committed to bringing this unique and important brand to more people,” said Chris Harris, Walmart’s vice president for global strategy and international business.
“With this sale, Walmart is continuing to grow the brand, bringing Walmart to a wider audience and making a greater impact for our global communities.
We are excited to be partnering with Aldi to expand our relationship with our U.k. customers, including offering them our full-service grocery and convenience stores, which will help to boost the sales and profits for our U-packaging operations.”
Walmart is the biggest U.F.O. buyer of Aldis products and the largest U.R.O.-buyer in the world.
Aldi has been a strong buyer of Walmart products, which it also has in the stores, including some items such as breakfast cereal, ice cream and frozen pizzas.
Aldis CEO Heinz Schulze said in April that Walmart’s new U.C.V. strategy will “continue to drive growth and drive our business as we focus on the next phase of our U.,C.v. strategy.”