SAO PAULO, Brazil (FNS) -- Wal-Mart's entry into Brazil, marked by a $200 million investment to open three Sam's Clubs and two supercenters, has been a costly trial-and-error endeavor, racking up net losses exceeding $30 million in the past 16 months. Several retail analysts said Wal-Mart's main errors were in underestimating its competition -- primarily the French-owned Carrefour hypermarket chain -- and its unfamiliarity with the local market and culture. Wal-Mart decided to take on ...

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