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New man takes helm at Seiyu Ed Kolodzieski, a former Wal-Mart senior executive, became chief executive Dec. 15 at the Tokyo-based retailer Seiyu Ltd., which became a subsidiary of the U.S. chain Dec. 21 in a bid to grab a bigger share of Japan's lucrative but finicky retail market.
Wal-Mart will acquire 53.34 percent of Seiyu's shares through a E7.5 billion investment announced in November. Since arriving in Japan in 2002, Wal-Mart Stores Inc. Ethe world's biggest retailer Ehad been gradually raising its stake in Seiyu, the nation's fifth-largest but loss-making chain with more than 400 stores. Seiyu will keep its brand name for now, but its executives have said it may consider Wal-Mart's in the future. Wal-Mart will concentrate on existing Seiyu stores for now, rather than pursuing further mergers.
The Japan Times Weekly: Dec. 24, 2005 |
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