Walmart plans cash and carry stores in State

Walmart plans cash and carry stores in State
American multinational retail corporation Walmart has planned to open 10 cash and carry stores in Karnataka, at an investment of around Rs 500 crore.

The company signed a memorandum of understanding with the State government on Thursday in this regard, and the planned 10 stores will come up over the next five years.

Talking to Deccan Herald on the sidelines of Invest Karnataka 2016, Walmart India President and CEO Krish Iyer said: “Each of the cash and carry stores (named Best Price, owned by Walmart) occupies an area of 50,000 sq feet. These business-to-business stores will only sell to members of the business community — those who hold business licences.”

In terms of the stores’ locations in Karnataka, Walmart is looking for properties and sites in Bengaluru, Mysuru, Mangaluru, Hubballi, and Dharwad, among others. “Each cash and carry store will have an investment of $8-10 million. In rupee terms, for the total investment towards 10 cash and carry stores over the next five years, I would estimate it to be about Rs 500 crore,” Iyer said.

Referring to employment emerging out of the Walmart’s plan, Iyer said, “The potential to increase employment is big; 10 stores would mean a direct and indirect employment of nearly 20,000 people.” The company has been engaging with various states to open its stores. At present, in South India, Best Price stores are located in Hyderabad, Rajahmundry, Vijayawada, and Guntoor, among others, while in totality, Walmart India operates 20 stores in nine states. “As far as retail stores as concerned, we are watching the development, and studying everything,” Iyer hinted.

The CEO also said that the company has plans to develop “kirana” stores owned and run by women. Soon the company would launch women entrepreneurship development programmes in Karnataka.
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