Wal-Mart to Close Moscow Office

Wal-Mart said Monday it will close its office in Moscow though it remains interested in entering Russian via an acquisition.
By Joseph Woelfel ,

BENTONVILLE, Arkansas (

TheStreet

) --

Wal-Mart Stores

(WMT) - Get Report

, the world's biggest retailer, said Monday it will close its office in Moscow though it remains interested in entering Russian via an acquisition.

"The Russian market is a compelling retail opportunity and we believe that Russian consumers could benefit from Walmart's value proposition," said Doug McMillon, CEO of Walmart International, in a statement. "Since we have decided to enter the market through acquisition, not greenfield development, and since there is no clear acquisition partner in the near term, there is not a business reason to continue our Moscow representative office. We will continue to pursue market entry opportunities."

Wal-Mart said its international businesses, including markets where it already operates such as Brazil, China and India, continue to have "tremendous growth opportunity."

-- Written by Joseph Woelfel

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