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Fortune reports that Walmart is saying that it plans "to focus on remodeling existing stores rather than opening new ones" in Japan this year, and " has no plans to withdraw from the country and may open new stores if good locations can be found."

The retailer cited "fierce competition and consumer reluctance to spend freely amid uncertain economic times" as the rationale behind the new remodeling strategy.

Walmart went to Japan in 2002 by investing in Seiyu, and then took control of the chain in 2008.
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