WAL-MART OPENS FIRST STORE IN INDIA

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WAL-MART OPENS FIRST STORE IN INDIA

 user 2009-06-02 at 12:18:44 pm Views: 66
  • #22094
    http://ibnlive.in.com/news/bharti-walmart-joint-store-first-to-open-in-india/93773-7.html
    Bharti, Wal-Mart joint store first to open in India
    Amritsar:
    India’s Bharti group and Wal-Mart, the world’s largest retailer, opened
    their first cash-and-carry joint venture store in the city on Saturday
    on an investment of $7 million.They also plan to open at least 15
    outlets across the country in the next three years.The stores will be
    run under the brand name of Best Price Modern Wholesale. It will offer
    an assortment of around 6,000 items, including food and non-food items,
    at competitive wholesale prices.Over 90 per cent of the goods will be
    sourced locally, helping keep down costs.”This is a beginning and we
    will come up with 15 more stores in three years and employ more than
    5,000 people,” said Vice Chairman and Managing Director Bharti
    Enterprises, Rajan Bharti Mittal.”We have tied up with 30,000 retailers
    and 8,000 suppliers and expect more to join us,” said Mittal.

    The
    Amritsar store, spread over about 50,000 square feet, will provide 200
    direct and 500 indirect jobs.”Within six to12 months you will see many
    such ventures in Punjab, Haryana, Uttar Pradesh and Madhya Pradesh. We
    have brought properties there,” said Mittal.”About 80 per cent of our
    suppliers are from Punjab. We will set up our next store in Ludhiana.
    Each store will require about $7 million. This does not include the
    land price.”A lot of planning and preparation had gone into the project
    in the past 12 months, said Managing Director and Chief Executive of
    the joint venture Bharti Wal-Mart India.

    Bharti Wal-Mart, in
    association with the Punjab government, has also started a training
    centre offering full scholarship to bridge the shortage of skilled
    workers for cash-and-carry and organised retail formats.The company had
    earlier planned to open the store on May 26, but this had to be
    deferred on account of the violence that erupted in Punjab following
    the killing of a spiritual leader in Austria.