View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
November 11, 2020

Walmart to divest Argentina operation

Retail giant Walmart Inc has agreed to sell its business in Argentina to Latin American group Grupo de Narvaez.

By Hannah Abdulla

Retail giant Walmart Inc has agreed to sell its business in Argentina to Latin American group Grupo de Narvaez.

The new ownership, which has retail operations in Argentina, Ecuador and Uruguay, brings strong local expertise that will position the business to thrive, Walmart said.

The retailer will continue to support the business through transition services and sourcing agreements under the new ownership, however, it will not retain an equity stake.

Walmart Argentina started operating in 1995, with the launch of its first shop in Avellaneda. Since then the business has grown to more than 90 stores and 9,000 associates under the Changomas, Mi Changomas, Walmart Supercenter and Punto Mayorista banners. The Changomas, Mi Changomas and Punto Mayorista banners will continue to serve customers in Argentina, following the transaction. Walmart Supercenters will be rebranded following a transition period.

“Under Fernando Minaudo, Grupo de Narváez CEO, the new owners will continue to drive long-term growth for the business in Argentina’s dynamic retail environment. The company will remain one of Argentina’s largest employers and will continue to work closely with suppliers to provide the best value for customers, maintaining its commitment to supporting domestic suppliers and small businesses,” the group said.

US retail giant Walmart recently completed the sale of its Shoes.com business and announced plans to sell its UK supermarket chain Asda for GBP6.8bn (US$8.8bn).

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Style