Walmart eyes Europe

Walmart is setting up a London team to launch into Europe. The $193bn US retail giant will bring a

team to London – close to Heathrow airport – to look at opportunities for European mergers or takeovers.

Walmart, which also owns UK supermarket chain Asda, first entered mainland Europe in 1997 when it bought German hypermarket chain, Wertkauf, but the move was not as profitable as hoped and it pulled out by selling the chain in 2006.

But now European expansion is back on the cards as there is less growth for Asda in the UK and Walmart's home market is also stagnating. The UK's fast fashion market is buoyant, with Primark and other high street retailers posting high profits despite difficult trading conditions.