30 unprofitable stores in Japan have been closed by the world’s largest retailer Wal-Mart, in order to improve effectiveness of its business in the world’s third largest economy. These stores were functional under Seiyu brand and accounted for 7% of Wal-Mart’s 434 stores in Japan.
The news came following the reduction of its full-year profit forecast in August due to higher costs and investments.
Also, Wal-Mart now looks forward to reshape 50 existing Japanese stores next year and invest in online shopping.
According to statement from Wal-Mart, the company will now concentrate resources on driving continued strong performance in locations that are convenient for customers and are open to an improved shopping experience.
