Retail giant Wal-Mart opens in India
The world's number one retailer Wal-Mart opened its first sales
venture in India on Saturday as part of an ambitious plan to establish a
foothold in the country's vast consumer market.
The US discount chain has teamed up with Bharti Enterprises, parent
of India's biggest mobile firm Bharti Airtel, in a wholesale joint
venture to be 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 opening of Wal-Mart's first "big box" outlet in Amritsar city in
the wheat-bowl northern state of Punjab, is a high-stakes one for the US
retailer, which has been expanding internationally to grow its revenues.
"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
said.
AFP |
