June 5 (Bloomberg) -- Wal-Mart Stores Inc., the world’s largest retailer, may expand into Russia with an acquisition or by building its own stores, the company’s international chief said in an interview.

Doug McMillon said he visited more than 30 stores in Moscow and St. Petersburg operated by six to eight retailers two weeks ago. Some outlets had run out of some items or offered aging produce, validating Wal-Mart’s belief it can win customers in Russia, he said today in Fayetteville, Arkansas.

“There’s an opportunity there to help us serve customers more effectively and, over time, help create a supply chain that’s more effective in keeping goods in stock and keeping them fresher,” McMillon, 42, said during a break in Wal-Mart’s annual shareholders meeting.

Russian newspaper Kommersant reported in April that the company had renewed talks on acquiring a 51 percent stake in OOO Lenta, a St. Petersburg-based supermarket operator. Both retailers declined to comment at the time, according to the newspaper.

McMillon said today he wouldn’t comment on Lenta or any other potential targets.

A team of Wal-Mart executives in Russia is “continuing to assess the market to try to determine the best way to enter the market,” he said. “In today’s economic situation, there may be more of an opportunity to make an acquisition than there might have been even a year ago if you look at the valuations.”

To contact the reporter on this story: Chris Burritt in Greensboro, North Carolina, at 1348 or cburritt@bloomberg.net.

Last Updated: June 5, 2009 13:22 EDT