The world's largest retailer Walmart (Bentonville, Ark.) has arrived in India, opening its first sales venture in the country over the weekend. The U.S. mass discount retailer is partnering with Bharti Enterprises, parent of India's biggest mobile firm Bharti Airtel, in a wholesale joint venture to be called Best Price Modern Wholesale.
“We have put in a lot of planning and preparation over the past 12 months and are delighted all the hard work will now bear fruit as we open the doors of our first cash-and-carry store in India,” says Raj Jain, president of Walmart India.
Walmart's first outlet is in Amritsar city in the northern state of Punjab. Walmart and Bharti plan to open as many as 15 stores in India over the next three years.
The 50,000-square-foot location offers 6000 food and non-food items at wholesale prices. The store is open only to small stores, fruit and vegetable sellers, restaurants, hotels and other business outlets, and not retail shoppers.
Under India's foreign investment rules, no overseas chains are permitted in the retail sector, except for single-brand outlets. Foreign groups such as Walmart must partner with domestic companies to enter the retail market and can only be wholesalers.