A shopper pushes a trolley as she leaves a Builders Warehouse store owned by Walmart-led Massmart Holdings in South Africa, at Gleneagles, in the south of Johannesburg, South Africa, October 20, 2022. Instead, Massmart's units outside South Africa struggled with foreign exchange risk, tricky regulatory environments and macroeconomic volatility. Earlier this year, an internal Amazon.com Inc (AMZN.O) memo detailing its expansion plans, including a maiden foray onto the continent via South Africa, leaked to media. The pending battle with its global rival looms over Walmart's e-commerce strategy for Massmart, several shareholders told Reuters. While Walmart can now firmly set the direction at its South African unit, its track record outside the United States is spotty.

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