Wal-Mart Takes Controlling Stake in Seiyu
Tokyo, Japanese supermarket retailer Seiyu has announced that Wal-Mart Stores is raising its stake in Seiyu from 42% to more than 50% by December. The move will turn Seiyu into a Wal-Mart subsidiary and expand Wal-Mart’s foothold in the world’s second largest retail market.
Wal-Mart will purchase up to $597 million worth of $1 billion in new shares issued by Seiyu. The remaining shares will be acquired by a Japanese bank and other investors, according to Seiyu.
Wal-Mart, since arriving in Japan in 2002, has been gradually raising its stake in Seiyu, which operates more than 400 stores.
Factory Card Examines HQ Options
Naperville, Ill., Factory Card & Party Outlet Corp. retained Grubb & Ellis Company, a provider of integrated real estate services, to explore strategic alternatives related to the February 2008 lease expiration at its existing headquarters and distribution center in Naperville. The facility provides 440,000 sq. ft. of total space including 70,000 sq. ft. of attached office space.
London Calling Whole Foods
New York City, Whole Foods reportedly wants to open as many as five new stores in central London, beginning in early 2007. The food chain also believes it can introduce approximately 15 new stores into the London suburbs, with the hope that the British will be wooed by healthy and organic foods.