Walmart, the American retail giant, is the world’s largest corporation according to the Fortune 500 list. If the company were a country, it would rank 26th in nominal GDP – just behind Belgium, but ahead of Norway, South Africa, and Denmark. With over USD 485 billion in revenue and 2.2 million employees worldwide (equal to the number of active personnel in the Chinese armed forces, according to The Economist), the retailer has become a synonym for success.
In Brazil, however, Walmart flopped. The company is now exiting Latin America’s largest market after 23 troubled years. On Monday, Walmart Brazil announced the sale of 80 percent of its shares to private equity fund Advent International.