Walmart, unaffected by BJP's retail FDI stand, plans to expand cash-and-carry business in India
NEW DELHI: Walmart Stores Inc says it is unaffected by the BJP plans to scrap foreign investment in supermarkets as the world's largest retailer only plans to expand its cash-and-carry business at present. Walmart, that currently operates 20 Best Price-branded wholesale stores in India, plans to open about 50 such cash-and-carry stores in the next four to five years.
"At this point we are focused on the cash-and-carry format, that is wholesaling. Therefore, it is not at all related to the current discussion FDI in multi-brand retail. We obviously been watching the developments for some time," says Scott Price, president for Asia for Walmart. "We are committed to India, at this time for cash-and-carry format and will keep an eye," on other opportunities, Price said in a telephonic interview from Hong Kong.
"At this point we are focused on the cash-and-carry format, that is wholesaling. Therefore, it is not at all related to the current discussion FDI in multi-brand retail. We obviously been watching the developments for some time," says Scott Price, president for Asia for Walmart. "We are committed to India, at this time for cash-and-carry format and will keep an eye," on other opportunities, Price said in a telephonic interview from Hong Kong.
An ongoing internal probe to check if the India unit violated US anti-bribery laws prompted Walmart to stall all expansions in India as well as it trigger a split with its seven-year-old India partner Bharti Enterprises.
Price said Walmart will make "significant investment" without giving value of the investment to open the 50 cash-and-carry stores in coming years.
Price said Walmart will make "significant investment" without giving value of the investment to open the 50 cash-and-carry stores in coming years.
Also, Walmart will start an e-commerce business-to-business venture to service its Best Price members. "We found that many kiranas drive 30-40 miles to do their shopping and spend a day. It is very difficult for some kirana owners to trael drive that far. That's why we are launching the B-to-B e-commerce platform where the kirana will be able to order online and their products delivered home," Price said.
Source: http://economictimes.indiatimes.com/industry/services/retail/Walmart-unaffected-by-BJPs-retail-FDI-stand-plans-to-expand-cash-and-carry-business-in-India/articleshow/33430782.cms
