After several missteps in its Asian expansion, global retailing giant Wal-Mart is taking a slow and careful approach, with expansion plans primarily aimed only at its three current regional markets, the Asia CEO told CNBC.
"Right now, the three markets are the vast majority of our growth," Scott Price, president and CEO for Asia at Wal-Mart, told CNBC, noting the three – Japan, China and India – account for around 60 percent of Asia's population.
"We continue to look at other markets for potential entry, but we are pragmatic and we will move carefully," he said.
The company has faced some high profile failures in the region. Its total international operations, including Latin American and European outlets, make up a relatively small portion of the business – less than a third of net sales.
In 2006, Wal-Mart pulled out of South Korea, selling its 16 stores there to a local rival. While in India last year, the company terminated a six-year joint venture with Indian conglomerate Bharti Enterprises, giving up a plan to open retail outlets in the country amid uncertainty over the regulation of foreign retailers.