Walmart may make a bid for 345 store Hong Kong supermarket chain known as ParknShop that is owned by Hutchison Whampoa, according to a Reuters report that cited people familiar with the matter.
Walmart is often linked to international retailers as a potential acquirer and according to the Reuters report it is among eight potential suitors for ParknShop who have until August 16 to submit preliminary offers.
Walmart currently operates roughly 380 stores throughout China, a market it entered in 1996. Its growth preference for much of the past decade was to acquire retailers in existing and new markets. However, more recently, the company has suggested its primary international growth strategy is to drive growth though the addition of selling space in existing markets and improved productivity of existing selling space while being prepared to take advantage of acquisition opportunities when favorable circumstances arise.
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