The American retail behemoth, Walmart has announced that it will invest around US $ 500 million in its India unit to launch 47 outlets in the country in the next four years. The retailer plans to take its store count to 70 by 2022.
Notably, the leading global retailer, which launched its 23rd wholesale store in Visakhapatnam recently, is in talks for land acquisition to start processing another store in the city.
Krish Iyer, President and CEO Walmart India affirmed a leading media house that out of the 23 B2B Cash and Carry stores, 19 have achieved break-even with over a million members. “A typical store needs anywhere between US $ 9 to US $ 10 million in terms of investment and our plan is to have 70 stores by 2022 that requires an investment of about US $ 500 million,” Iyer said.
The CEO further said that the newly launched store in Visakhapatnam is spread across 56,000 sq. ft. and has provided job opportunities to around 2,000 people in the region and while marking out the current contribution of its exclusive brands is in single digits and the retailer wants to boost it by 20 per cent in the next 2-3 years.
It is important to add here that, earlier this year, Walmart acquired India’s leading e-commerce firm Flipkart in a world-record deal that touched the US $ 16 billion mark (the largest in the history of an e-commerce take over).
Markedly, Walmart operates Best Price Stores in India under its name, that offers home furnishing, apparel, and accessories along with food items and electronic goods.