Wal-Mart Stores has today (23 May) cooled speculation that the retailer is setting up a base in London to drive expansion in Europe.
A spokesperson for Asda, Wal-Mart’s UK subsidiary, described the reports as “speculation dressed up as fact”.
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According to reports in The Independent on Sunday yesterday (22 May), the world’s largest retailer is planning to bring a team near to Heathrow airport to look at opportunities for European mergers or takeovers.
The report said the retailer has hired Cushman & Wakefield to search for office space in west London to house around 35-55 people to launch the European search.
While Cushman & Wakefield could not comment on specifics, a spokesperson did say that the real estate group is working on behalf of Wal-Mart.
Wal-Mart’s previous foray in to Continental Europe was an unsuccessful one, with the retailer selling its German operations at a US$1bn loss in 2006 after a series of missteps in the country. More recently, it closed its office in Russia late last year, after deciding that opportunities to enter the market were limited.
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