World’s biggest retailer Walmart is ready to dobusiness in India by opening physical outlets & selling products online, if the government allows overseas supermarkets that directly sold Made-in-India products to consumers.
Walmart currently operates through cash and carry stores in India, which are wholesale outlets selling products to retailers, hotels and canteens and not to the consumer directly.
“We are okay with selling only ‘Make in India’ products because even in our cash-and-carry stores, imported items make up for only 5% of our total products,”: [Krish Iyer,Walmart India CEO]
With more than 95% local sourcing, Walmart India is already a partner in the government’s Make-in-India initiative.
Last year, government allowed 100% subsidiaries of global companies to sell food products through brick-and-mortar stores and the Web as long as the products were locally produced.
Amazon.com become the first global retail chain to take advantage of this policy & applied to the GOI by investing $515 million into a venture that would sell foods online and through physical stores.
Walmart, which currently operates 21 of its Best Price branded wholesale chain in India, plans to open 50 new stores in Uttar Pradesh & Uttarakhand over the next three to four years.
