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Wal-Mart opens first retail venture in India
2009-06-01 20:31:17 (GMT) (Caymanmama.com - Business India News News)
Atlanta, Georgia (CaymanMama.com) –Wal-Mart’s quest to take over the globe in retail sales is growing once more as the world’s number one retailer opens its first retail venture in India on Saturday in an effort to work its way through the country’s large consumer market.
The American discount store partnered with Bharti Enterprises, parent company of India’s largest mobile firm Bharti Airtel, in a wholesale joint venture which will be officially called Best Price Modern Wholesale.
“We have put in a lot of planning and preparation over the past 12 months and are delighted all the hard work will now bear fruit as we open the doors of our first cash-and-carry store in India,” said Wal-Mart India head Raj Jain.
The grand opening of Wal-Mart’s premier “big box” store in Amritsar city in India’s northern state of Punjab, is a high gamble for the U.S. retail giant, which has been working to grow its revenue.
“India is first of all a country with close to 1.2 billion people and a strongly growing economy which is driven by personal consumption,” said Jain.
“There’s a need to start out on a learning curve with the Indian consumer and this is the first significant step in that direction,” he added.
The Best Price Modern Wholesale will sell 6,000 food and non-food items at “competitive wholesale prices,” a Wal-Mart statement said.
CaymanMama.com - Press Release Distribution Service
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