According to Reuters
, Wal-Mart has bought out Massmart, effectively bringing the United States chain store to South Africa for the first time. The addition of the chain in the country adds to the previous 11 African countries that Wal-Mart does business in.
The deal does not come without some conditions. Wal-Mart must agree not to cut jobs for at least 2 years, and attempt to develop local suppliers instead of bringing in supplies from international suppliers.
The proposal to bring Wal-Mart to the country was a very controversial one, with South Africa having to submit their proposal to a 'Competition Tribunal
' before it could finally go forward. Wal-Mart first announced intention to move to South Africa in this
press release last year.