Wal-Mart to focus on China and other existing markets

Wal-Mart Stores (WMT.NYSE) plans to focus on improving its business in China and other foreign countries where it currently operates rather than entering new markets, Reuters reported. “Our focus this year in particular has been on improving returns with our existing businesses,” Walmart International CEO Doug McMillon told investors and analysts in Toronto. The company plans to launch an “every-day-low-price” strategy in China, a model that the company’s Brazilian stores are moving towards. Other countries including Argentina, South Africa, India and Chile are also in the processing of introducing this strategy, said McMillon. “A lot of issues have been identified in China over the last few months. It’s just nowhere near what it could be,” he added. The company’s strategy in mature markets like Canada is to become the price leader, said David Cheesewright, CEO of Walmart’s EMEA region.