Walmart, the multinational retail company headquartered in Arkansas, United States, has signed up 20 sites for new stores in India. The company will begin opening them in 2018, according to reports. It already has 21 Best Price in nine states of the country.
“As we speak, we have signed nearly 20 sites as well and we are well on our way to be on meeting the commitment and targets which we have,” Walmart India President and CEO Krish Iyer told PTI.
The company plans to open 50 new stores by 2022, taking the total up to 70 in India. At least 5-7 Walmart stores are expected to open in 2018.
Currently, those who want to buy from the wholesale store run by Walmart in India have to get a membership. On Sep. 29, the company announced that it plans to launch its Cash & Carry business in Mumbai.
“I am delighted to announce the launch of our Cash & Carry business in Maharashtra through this unique Fulfillment Center. This will enable kiranas, resellers & other businesses in Mumbai and neighboring areas to get access to a wide & exciting assortment of merchandise relevant to them without stepping out of their stores…Even as we hope to open the services to our members shortly in October first week, our Sales teams are already on the ground to enroll members and book orders,” Iyer had said then.
Walmart has seen a big jump in revenue after the Indian government demonetized higher currency notes in November 2016, as small-time retailers had to abandon local source of wholesale products. Walmart India, which runs Best Price Modern Wholesale stores, saw revenue growth nearly double to 13 per cent at Rs 3,609 crore, versus a 7 per cent growth in FY16.
Cash and carry trade in the organized wholesale sector has been growing because of demonetization. They sell goods to local kirana stores, hotels and catering firms.