27 September 2006 — Seoul (SK): The proposed $882 million sale of 16 Wal-Mart stores to Shinsegae has been approved by South Korea’s anti-trust agency.
The sale has been agreed on the condition that discount store operator Shinsegae must sell at least four of the stores to prevent possible price rises and falls in service quality.
Wal-Mart is to quit South Korea after eight years in the country, during which time it only secured a market share of 4 percent.
Earlier this summer, Wal-Mart sold its German retail division to Metro Group.
