In 2011, the American company Walmart Inc made a bet on the African market, acquiring a majority stake in South African retailer Massmart. A lot of investors saw this deal as a step towards dominating the vast untapped market.
Things didn't go as the American retailer planned. Earlier, Walmart had failed in the international market — in the UK and Germany. After that the company decided to leave these markets. But now that the retailer is facing tough times, company management is taking measures to make more investments in the African market.
According to Judith McKenna, Walmart International President, the retailer still sees great potential in Massmart. In addition to this, the business can make a huge difference in this region, giving people greater access to goods and services.