Reuters
Walmart doubles down on Africa despite a decade of frustration
In 2011, U.S. retail giant Walmart Inc made a bet on Africa, buying a majority stake in South African retailer Massmart in what many investors saw as a step toward dominating the continent’s vast untapped market. More than a decade later, Massmart’s balance sheet is burdened with debt, its books are deep in losses and it’s drowning in lease obligations on commercial properties. From its late entry into e-commerce to an ill-fated foray into fresh foods, Walmart’s African journey over the last decade has been a string of missteps, compounded by economic headwinds and the COVID-19 pandemic.
