Wal-Mart to Expand in Russia

New York City Wal-Mart Stores could expand its reach into Russia within the next 12 to 24 months, probably by taking a minority stake in a local retail chain, according to a Reuters report.

Wal-Mart has said publicly that it is interested in expanding into Russia. At the company's analyst meeting in October, CEO Lee Scott said Wal-Mart hoped to be in that country "at some point in the future."

Scott called Russia a "growing consumer nation." Consumers there have shown a propensity to spend, he said, while in other developing countries they tend to save.