Following the recent pullout of Carrefour from South Korea, Wal-Mart is tracking the same exit path after it agreed to sell its Korean stores to market leader Shinsegae for $882 million. Wal-Mart’s exit from South Korea reflects the intense competition among supermarket operators including top global players which fail to achieve growth targets.

Shinsegae agreed to buy a 100 per cent stake in Wal-Mart’s 16 domestic outlets for 825 billion won. The news also sent Shinsegae shares up by 6.6 per cent, according to a Reuters report amidst expectations that Shinsegae will further boost its lead in the discount sector and strengthen its clout among suppliers. Late last month Carrefour sold its South Korean operations for $1.85 billion. The French retailer is channelling its resources to China's $240 billion retail industry where it expects more opportunities in China’s fragmented retail industry. Wal-Mart managed to acquire only four per cent market share after eight years in South Korea, trailing its rivals Shinsegae, Samsung Tesco, Lotte Shopping and Carrefour.