Has Walmart missed an important point?

On one hand we are talking about the world becoming flat & almost all the economies with some constraints opening up for investment, organizations are bound to be global & truly international.

However if we look closely, a point to be noted is that a truly big global company Walmart entering into India (A country which occupies only 2.5% of the land of the total available land on earth but provides habitat for almost 15% of the total world population!!!) almost 6 years later than the time when the revolution started in retail sector in India. Speak of future group which has got the pulse of middle & upper middle class through variety of retail formats though to a greater extent inspired from the Walmart model have deep rooted themselves & are in a position to fight the global giants today. The point I am trying to draw attention to is that has Wal-mart actually missed out on some important strategic decisions which might even cost them in a major loss of revenue?

It will not be a surprise if tomorrow we see retailers from India competing with global brands even in global market places.