Walmart also leaves Argentina: local businessman acquired operations of the firm | International

The chain of Walmart supermarkets joined other important companies and will leave Argentina after selling its operations retailers to a local business owner.

The buyer is the businessman and former trans-Andean deputy, Francisco De Narváez, who reached the agreement to become the new owner of Walmart’s assets in the trans-Andean country, The nation

“De Narváez already has an armed structure to take over Walmart Argentina. In Uruguay, the Argentine businessman controls the main supermarket group -owner of the Ta-Ta, Multiahorro and BAS chains ”, highlights the aforementioned media.

The American giant arrived in Argentina in 1995 and in 25 years, with ups and downs, managed to 92 stores throughout the country, of which 29 operated under the name “Walmart”, another 61 as “Changomas” and two as “Punto Mayorista”.

According to La Nación, currently Walmart controlled 12% of the supermarket business in that country, ranking fourth behind Carrefour, Coto and Cencosud.

All in all, Walmart joins to the list of international firms that for various reasons have decided in recent months to go or reduce operations on the other side of the mountain range.

In September, the Chilean Falabella announced that they would close some stores and they would reduce their staff in Argentina.

Also in September, Coca-Cola revealed that would move its head office from the southern cone from Argentina to Brazil.

In July of this year, meanwhile, Latam (the most important airline in the region) also announced that it was leaving that country, arguing that “the conditions of the local industry (Argentina), aggravated by the covid-19 pandemic, do not visualize the viability of a project sustainable”.

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