US-based retailer Walmart is likely to expand its India wholesale business by more than double in the next four years. Markedly, Walmart commenced its India wholesale business in 2009.
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The retailer is reportedly planning to open 26 more Best Price stores by 2023. An invest of US $ 8-10 million per store will be made.
The plan is to open 8-10 stores every year after 2023.
Additionally, Walmart is running a pilot programme to let local stores sell to their customers directly online.
As per to India’s new foreign direct investment regulations, Walmart can only do wholesale business in the country as a 100 percent foreign-owned entity.
Walmart intends to supply Kirana stores across India through its wholesale business. This also puts the brand in competition with rivals Amazon and Reliance Retail.
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Walmart’s India CEO Krish Iyer said, “Our single biggest agenda is: ‘How can they [customers] become more loyal to us?’” In an interview with Bloomberg in the business’ newest India store in Karimnagar, Iyer said that Walmart’s “expansion phase will continue because the opportunity in India is huge.”