Walmart Goes All In on Africa

JOHANNESBURG—Walmart’s investment in Africa tanked. It is responding by doubling down.

More than a decade ago, Walmart spent $2.4 billion to buy a controlling stake in South African retailer Massmart, which also had operations in a dozen other sub-Saharan countries. At the time, executives in Bentonville, Ark., hailed the acquisition as Walmart’s entry into the world’s youngest continent and one of its fastest-growing consumer markets, which was booming amid record commodity prices.