Wal-Mart has become the second international grocer in the space of a month to exit South Korea.

The US retail giant has said that it is selling its portfolio of 16 stores in the country to South Korean retailer Shinsegae for $882m.

Mike Duke, vice-chairman of Wal-Mart, said: “As we continue to focus our efforts where we can have the greatest impact on our growth strategy, it became increasingly clear that in South Korea's current environment it would be difficult for us to reach the scale we desired.”

Last month French retailer Carrefour sold its 32 stores in the country to South Korean retailer E-Land for $1.85bn.