(Bloomberg) Wal-Mart Stores Inc. (WMT), the world's largest retailer, has created a new executive position to oversee new store formats in international markets.
Wal-Mart has been experimenting with different types of stores, including bodega-style locations that have proved popular with shoppers in Mexico. The company has used the Mexican Bodega Aurrera stores as the inspiration for small- format locations in the U.S. and Latin America.
"Lev has a track record of developing innovative formats, and he will now focus on developing new concepts that can be deployed across our markets to provide future growth," Gardner said.
Wal-Mart fell 0.6 percent to $68.80 at the close in New York yesterday. The shares have gained 14 percent over the past 12 months.