"Wal-Mart loves the Philippines. Wal-Mart loves the Filipinos and we would love the chance to serve the Filipinos at some point. A partnership with the Sys or Gokongweis could be a possibility," Ben Cornish, Wal-Mart vice president for China told The Philippine Star in an interview.
Cornish was a keynote speaker at the 15th National Retailers Conference and Stores Asia Expo organized by the Philippine Retailers Association (PRA) last Friday, Aug. 11, 2006.
"The Philippines is an exciting market with great potential (with so many people). Filipinos love to shop and there are some very good companies like SM and Robinsons – the Filipino retailing community is very vibrant" said Cornish.
Wal-Mart and the SM Group has an existing business relationship as it currently leases a space for its Wal-Mart Super Center at the SM Mall in Xiamen, China.
Cornish added that Wal-Mart usually does a thorough study first on the model that they are going to adopt for the countries that they are interested in, before setting up operations. This, he says, is the reason why they cannot commit on a specific date for their entry into the Philippine market.
Nonetheless, he noted that at present, Wal-Mart has a Global Procurement Division in the Philippines that buys various items like shoes, textiles, etc. to be sold in their stores worldwide.
To date, Wal-Mart has 6,800 stores around the world employing about 1.8 million people. Its US operations is a $250-billion business while its operations in other countries have pitched in $65 billion last year.
However, Cornish noted that while Wal-Mart’s international operations may seem smaller than the US, growth is actually faster at 20 to 25 percent compared to the US’ 10 to 11 percent annually.
Some of Wal-Mart’s biggest operations outside the US are in Mexico, England, Canada, Guatemala, Nicaragua, El Salvador, Argentina and Brazil. In Asia, Wal-Mart has operations in China and Japan. – Estela Banzon-dela Paz