US retailing giant Wal-Mart has said it believes there are “extraordinary opportunities” for global retailers amid the financial slowdown.

Chief executive Lee Scott said Wal-Mart would be taking a “thoughtfully aggressive” approach to any opportunities, which might include acquiring sites from retailers that have gone out of business. He said under these circumstances there were chances to negotiate “very good rents”.

The retailer said it was looking at smaller store formats while focusing more of its efforts on online sales to drive growth, according to The Financial Times.

Wal-Mart also said it is considering moving into areas outside of pure retail, such as a long-term agreement with the US’s largest online contact lens provider, 1-800 Contact.