Wal-Mart to Exit South Korea
New York City, Wal-Mart Stores Inc. said South Korea’s Shinsegae Co. agreed to buy Wal-Mart’s South Korean retail business for 825 billion won, or $882 million. Shinsegae said plans to operate Wal-Mart Korea as a separate subsidiary and the stores will be renamed E-Mart, the name of its discount chain that accounts for about 30% of the local discount store market. “As we continue to focus our efforts where we can have the greatest impact on our growth strategy, it became increasingly clear that in South Korea’s current environment it would be difficult for us to reach the scale we desired,” Mike Duke, VP of Wal-Mart, said in a statement.
Cold Stone Creamery to Open Test Stores in Target
Scottsdale, Ariz., Cold Stone Creamery inked a deal with Target Corp. to open four test stores inside the retailer this fall in locations yet to be determined, The Arizona Republic reported. The deal is a part of an effort for the ice cream chain to venture into new stores to boost sales. Cold Stone Creamery plans to open 25 non-traditional sites this year, including inside Phoenix Sky Harbor International Airport, HersheyPark in Hershey, Pa., and other potential targets like resorts, universities and military bases, the publication reported.
Wal-Mart Reopens Two Stores Damaged by Hurricane Katrina
Bentonville, Ark., Wal-Mart celebrates the reopening of two New Orleans-area stores seven months after Hurricane Katrina devastated the region. One of the supercenters opened last week, but still has only temporary flooring, while the other store will reopen Friday. Two additional stores in the New Orleans area remain closed because of damage, and no decision has been made as yet on whether they will reopen. More than 120 Wal-Mart stores closed during the wrath of the hurricane.