Why do retailers sometimes choose to acquire overseas retailers or build their own overseas retail outlets and sometimes choose to partner with a local licensee or retailer (without completely acquiring them)? Benetton, for example, chooses to license its retailers and not control their activities, but it controls the creation of the merchandise and how it is pro- moted. Wal-Mart chooses to acquire and/or build outlets rather than franchise or license them. In your answer, consider the strategic competencies of a retailer, the local market conditions, and costs.