Walmart has said it will close 30 of its underperforming stores in Japan, which operate under the Seiyu brand.
The store closures account for 7 per cent of Walmart’s 434 stores in Japan, and are expected to result in a 4-5 cents of diluted earnings per share, according to Reuters.
Alongside the closures, Walmart has said it will invest in revamping 50 stores in 2015, focusing on fresh and deli categories, as well as investing in deli manufacturing facilities run by its subsidiary Wakana, and new quality control facilities. Within Tokyo, the three-year plan is to ramp up its online offerings and home delivery services.
Walmart has been invested in Seiyu since 2002, taking over the company in 2008 with its ‘Every Day Low Cost’ strategy.
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