Wal-Mart to Open Store In India
Wal-Mart signed a long-term agreement with Indian business giant Bharti Enterprises to pave way for the new business venture called Best Price Modern Wholesale in the country.
Meanwhile, the company will only provide wholesale service instead of retailed products since foreign companies are not allowed to invest on the retail sector.
US retail giant Wal-Mart is to open its first store in India on Saturday in line with its plan tap the lucrative consumer market and expand its business outside the North America.
Wal-Mart said it signed a long-term agreement with Indian business giant Bharti Enterprises, which also provides the biggest mobile service in the country, to pave way for its new business venture called Best Price Modern Wholesale.
The retail giant said its new store is in Amritsar city, which is north of Punjab, is one of the highest stakes outside the US which makes this a crucial part of the company’s ambitious plan to expand to foreign markets.
To protect the interest of local retail businesses, India does not allow foreign companies to invest on the retail industry. With this foreign policy, Wal-Mart has agreed to offer wholesale service, instead of retailed commodities, to serve restaurants, small retail stores, hotels, and other business resellers.
Despite global economic downturn, Wal-Mart posted stronger sales compared to its rival and said it is planning to open up to 15 more outlets over the next three years which is expected to generate thousands of jobs.
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