US retail giant Walmart will be closing its remaining one store in South Korea by the end of this month, reports The China Post.

The retailer, which entered Korea in 1998, began pulling out of the country in 2006 when it sold its shares and stores to local company Shinsegae. It has been struggling to adapt to the country’s corporate and social cultures which made it difficult to gain traction from local customers.

“Many had said that Walmart had come before its time in Korea and that perhaps the consumers are now more ready,” said an industry watcher.

Walmart is not the only foreign company withdrawing from Korea. Mobile phone maker Motorola has announced its plan to pull out as it reorganise its strategy globally and direct seller and beauty company Avon will follow.

GB