Walmart to Open 50 New Stores in India in Next 4-5 yrs
Just after a day of officially announcing the $16 billion dollar deal in India's largest e-commerce unicorn Flipkart, Walmart Inc on Thursday has said that it will continue to grow its wholesale cash-and-carry business by adding 50 new stores in the next four-five years.
US mammoth Walmart which so far had been handicapped by India’s retail policy that does not allow overseas companies to sell directly to consumers will now have an online presence, all thanks to Flipkart.
Walmart India President and CEO Krish Iyer said,
We currently have 21 stores and plan to open 50 stores in 4 to 5 years. Plans are on track. We have a pipeline of 20 stores and we expect to open 5 stores in the current year and then pick up the pace and eventually start opening 12-15 stores a year.
Meanwhile, Doug...