Walmart Shareholders

18 • Walmart Shareholders • 6.2.2019 ry agency's conclusions, "our focus now is con- tinuing to position Asda as a strong U.K. retailer delivering for customers. Walmart will ensure Asda has the resources it needs to achieve that." McKenna noted Asda's seven consecutive quarters of year-on-year growth in one of the world's most competitive retail markets. She said this signifies "a strong business with a clear strat- egy and focused leadership. "It was against that backdrop that we decided to explore the proposed merger with Sainsbury's — an opportunity which would have further strengthened the Asda business and delivered real benefits for U.K. customers," she said. Laura Kennedy, vice president at Kantar Consulting, said in an email the deal's collapse "definitely puts a crimp in Walmart's broader strategy to concentrate on its productive, profit- able businesses" in the U.S., Canada and Mexico and use those to fuel its growth markets in India and China. The retailer also has run into regulatory issues in India, where its purchase of a 77 percent stake in Flipkart was intended to allow Walmart to sell directly to India's burgeoning middle class. But a Feb. 1 mandate enforcing India's trade regula- tions prohibits foreign retailers from selling prod- ucts via companies in which they have an equity interest. Walmart has reaffirmed its commitment to its Indian investments, though. Chief Executive Of- ficer Doug McMillon said in a recent visit to Ben- galuru, India, the retailer is in the Indian market for the long term. McMillon met with executives and other employees of Flipkart, Walmart India, Walmart Global Sourcing and Walmart Labs. The company said in November it will open 47 more wholesale stores in India by 2022, at a cost of about $500 million. Along with its 22 ex- isting stores, these will serve the country's many small mom-and-pop retailers. 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A tradition of putting clients' needs first SponSor Content Coldwell Banker Harris McHaney and Faucette celebrates 64 years of business in Northwest Arkansas Asda & Sainsbury's who announced a potential merger with no store closures are neigh- bours in the Welsh town Flint. Asda's logo on their Flint store & Sainsbury's at the side John David Photography / Shutterstock.com Proposal n Continued from Page 16

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