Walmart which is a US retail giant company has now revealed a plan to invest around Rs 3200 crore in order to add more than 47 new Business to Business carry and cash stores in India, to increase the stores to 70 by the end of 2022. This initiative will help the Walmart to expand its brand presence in India.
This news comes in the report when Walmart launched its 23rd store in the Vishakhapatnam city and going to set up a second store in the city.
The Vishakhapatnam Walmart store is expected to create employment to around 2000 people.
“Cash & Carry business in India has a big potential. Over the next ten years, it is estimated that the overall retail trade will be around $1.8 trillion, out of which $1.2 trillion will be traditional trade and around $600 billion will be a modern trade,” said Iyer.
The company is also looking to increase the number of fulfillment centers across the entire country. It has also opened two new fulfillment centers and also plans to invest a third center in Hyderabad.
Clarifying if Walmart’s latest acquisition of Flipkart will come into play regarding its offline business, Iyer said, “The two businesses – the marketplace business of Flipkart and the Best Price stores of Walmart India – will run independently. Flipkart continues to be a board-managed company,”
He added, “Walmart has made an investment in Flipkart to the extent of 77% shareholding but the entire management continues to be the same, and they continue to operate completely independently. There is no plan for integration.”