Flipkart deal wrapped, Walmart now eyeing deals in Brazil and Japan

The sun never sets on Walmart Inc.’s empire, thanks to its network of stores across five continents. But in the span of 10 days, chief executive Doug McMillon has begun dramatically redrawing the retailer’s map, and there’s likely more to come as it places bets to remain on top.

“All of a sudden, everything is in play,” said Dave Marcotte, an analyst at Kantar Retail.

In less than two weeks, Walmart has agreed to cede control of its British business to a competitor and spend $16 billion to acquire India’s e-commerce leader in its biggest-ever deal, fending off Amazon.com Inc. The wheeling and dealing show how McMillon is focusing on high-potential markets like China and India, finding partners to help it battle online and cutting loose middling businesses. He’s got more work to do, though, and subpar markets like Brazil and Japan might be next on his list.

Walmart’s far-flung international units don’t get much attention, but they’re important as a source of cash, management talent and ideas that percolate into its core U.S. operations. Sales growth outside the U.S. once topped more than 10 percent annually, adjusted for currency moves, but it’s less than half that now as sluggish economies, store closures and fierce competition have taken their toll.