The much-hyped FDI reforms have paved the way for some big events in the retail industry which were eagerly awaited and now Bharti – Walmart, a joint venture between Bharti Group and Walmart, the world’s largest retail chain is a reality! They have forayed into the South-Indian city of Hyderabad and their “Best Price” store is now open for operations.
Earlier they had opened stores in Guntur and Vijaywada which now makes this joint venture in Andhra Pradesh worth more than Rs.1.07 billion or $20 million. “This is the third store in Andhra Pradesh. We plan to add at least five more in the country during the year and 10 more next year,” Raj Jain, President, Walmart India, and Managing Director, Bharti Walmart, said.
The store located in the Rajendra Nagar area of Hyderabad has a built-up area of 53,000 square feet and is a welcome development due to the fact that it brings together 60,000 local businesses and 180 new jobs to the surrounding locality.
The assumption that local businesses would suffer due to its entry into India has been busted as many of the 5,000 plus items are locally made or sourced which includes food, groceries, hotel supplies, personal and home items, electronics, office supplies, and other general merchandise.
Other such outlets of Bharti Walmart’s Best Price’ stores include Amritsar, Zirakpur, Jalandhar, Kota, Bhopal, Ludhiana, Raipur, Indore, Meerut, Agra, Lucknow, Jammu, Aurangabad, Bhatinda, and Amravati.
For now, it’s a business-to-business (B2B) venture for wholesale and cash and carries operations in India, and one is required to be a registered member in order to shop. The first Bharti Walmart store was launched in Amritsar in May 2009. Commenting on the news outlet, Raj Jain, president, Walmart India, and managing director & CEO, Bharti Walmart, said: “With this store, we have further strengthened our foothold in southern India.
The store will help people save money and live better by providing its members the benefit of low prices, convenience, wide assortment, good quality, and hygienic products, all under one roof. We are optimistic that the opening of this store will add value to the economy of the city by serving the needs of local business communities and institutions.”