Wal-Mart Finds Africa A Harder Market Than Expected

Wal-Mart Stores Inc.'s expansion in Africa is not going as fast as the retailer planned when it bought a $2.4 billion stake in South Africa-based Massmart in 2010. Since then, Massmart has opened fewer than 10 new stores outside its home market, way behind rival Shoprite's current 300 outlets. Wal-Mart's slow progress in Africa mirrors the problems the company has encountered as it seeks to expand its operations in 27 countries and 6,300 stores outside the United States.