Wal-Mart Stores, Bentonville, Ark., is reportedly planning to build eight to 10 supercenters in the Chicago area over the next three years. Crain's Chicago Business cited real estate sources saying Wal-Mart will build the first Chicago-area supercenter in Lake in the Hills, a northwestern suburb. The company could not be reached for comment.
ed with the decision and we are considering our options, including an appeal."
J. Sainsbury, London, has reportedly decided to pull out of Egypt after only 18 months despite an investment of more than $140 million. The most likely buyer of Sainsbury's Egyptian holdings, which include 17 supermarkets, is a Saudi-Yemeni consortium, according to a report by the Economist Intelligence Unit published Friday. The article noted the Egyptian government "was not pro-active" in helping Sainsbury overcome either "chronic difficulties clearing goods through customs" or "a campaign of vilification against the retailer orchestrated by local competitors" that led to mob stoning of stores and a consumer boycott that lowered sales 40%. The EIU also reported that Paris-based Carrefour has announced plans to spend $250 million in Egypt to open two supercenters in 2002.
