ROGERS, Ark. (Kyodo) The head of Wal-Mart Stores Inc. said Wednesday the U.S. retail giant’s rehabilitation of the Seiyu Ltd. supermarket chain is showing good results.
“Many changes we see now are very positive,” President and Chief Executive Officer Lee Scott told a news conference, saying outlets of the Wal-Mart subsidiary have shown rising sales nationwide.
Tokyo-based Seiyu operates more than 400 stores in Japan and is now in a revitalization program with investment from Wal-Mart.
“As an investor (of Seiyu), we can give suggestions and directions,” Scott said.
He reckoned the savings rate in Japan was “extremely high” because in general Japanese do not have many opportunities to purchase cheap, quality items. He said there was room for the retailing industry to lower prices, an indication that the firm wants to play a role in stimulating consumption by setting low prices.
Wal-Mart made Seiyu a subsidiary last December by buying a majority stake.