Walmart has agreed to sell its business in Argentina to Grupo de Narváez, a Latin American group. The new ownership, which has retail operations in Argentina, Ecuador and Uruguay, brings strong local expertise that will position the business.
Walmart said it will continue to support the business through transition services and sourcing agreements under the new ownership, however, it will not retain an equity stake.
Under Fernando Minaudo, Grupo de Narváez CEO, the new owners will continue to drive long-term growth for the business in Argentina’s retail environment. Dolores Fernandez Lobbe will continue to support the business through a transition period, after which she will move into a new role within Walmart.
Walmart Argentina started operating in 1995. Since that time, the business has grown to more than 90 stores and 9,000 associates under the Changomas, Mi Changomas, Walmart Supercenter and Punto Mayorista banners. The Changomas, Mi Changomas and Punto Mayorista banners will continue to serve customers in Argentina, following the transaction. Walmart Supercenters will be rebranded following a transition period.
Judith McKenna, president and CEO of Walmart International, said, “We are very proud of our Argentina business and associates as they’ve led and shown resilience throughout this year serving customers when they needed them most. We are excited by the local retail expertise the new owners bring to this already strong business, and we believe this deal creates the right structure to help it truly flourish for many years.”