Walmart grandson plots Europe drive from Carnaby Street
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The cowboy-boot wearing grandson of Walmart founder Sam Walton has taken charge of the guns-to-food retailer's European expansion drive.
Steuart Walton, a 30-year-old lawyer from Arkansas, has been working from the group's Carnaby Street offices in London since just before Christmas as he mulls mergers and acquisitions across the Continent.
It is thought that Mr Walton has already taken an interest in problems at the French supermarket chain Carrefour, the world's second-biggest retailer after Walmart.
On Friday, Carrefour was said to be close to hiring a new chief executive after a string of profit warnings wrecked the three-year tenure of the current boss Lars Olofsson.
A source close to Walmart, which owns Asda in the UK, said that Mr Walton would look at moving the US brand into Carrefour stores should the new management decide that disposals are necessary. Walmart has previously tried to crack mainland Europe, buying the German hypermarket chain, Wertkauf, in 1997, selling it on nine years later.
However, as the market stagnates in the US and Asda faces fierce competition in the UK, Walmart has decided mainland Europe is a growth target again.
Last year, Walmart looked to set up an M&A team close to Heathrow airport for easy connections to the US and the Continent. Walmart took offices next to George, Asda's value fashion brand, in Soho, central London, once they became available.
A spokesman said: "Steuart is currently on secondment in the UK as part of his induction into the Walmart business."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments