But Wal-Mart remains:
Domestic media reports said Carrefour, which is due to announce its full-year earnings in Paris at the same time as Aeon's news conference in Tokyo, would likely sell all eight of its Japanese stores to Aeon for about 10 billion yen ($96.17 million).Once settled, Aeon will be developing even more hypermarkets in Japan.The expected pullout is evidence of the difficulty that bulk-selling foreign entrants such as rival Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) have had in cracking Japan, where famously fickle consumers buy whatever they need in small amounts every few days.
Carrefour has also struggled to overcome weakness in consumer spending since it entered the Japanese market in 2000.
The sector still faces flagging sales, with overall supermarket store sales in Japan down 3.5 percent last year and a 0.7 percent fall in same-store sales at convenience store chains, industry data shows.
Wal-Mart, the world's No.1 retailer, has struggled in Japan and its affiliate Seiyu Ltd. (8268.T: Quote, Profile, Research) appears to have not yet adapted to the U.S. parent's sales strategy, having reported losses for three straight years.
Posted by Kevin on March, 10 2005 at 11:00 AM
