Walmart (NYSE:WMT) announced its plans to open its first branded stores in South Africa later this year. The retail giant said the strategic move underscores Walmart’s (NYSE:WMT) broad commitment to making affordable merchandise accessible to more customers.
The new South African Walmart-branded stores will offer a wide range of merchandise, including fresh groceries, household essentials, apparel, and technology. Walmart (WMT) also will offer various locally sourced products.
Earlier this year, Walmart (WMY) held a Growth Summit, which featured suppliers from 12 countries across the continent with “incredible” innovations and products made, grown, or assembled in Africa. Notably, the event resulted in the recruitment of small and medium-sized Africa-based suppliers.
Walmart (WMT) plans to share further details about store locations, hiring, and community initiatives in the coming months.
Walmart (WMT) currently does business in South Africa, both through its 100% ownership of Massmart, which is a major South African retailer operating local chains such as Game, Makro, Builders Warehouse, and CBW. Looking back, Walmart (WMT) acquired a controlling stake in Massmart in 2011 and took full ownership by 2022.
Shares of Walmart (WMT) slipped 0.2% in premarket action to $102.05 vs. the 52-week range of $77.28 to $105.30.