Wal-Mart Stores Inc. plans to expand its e-commerce operation into India, as the company invests more into its wholesale stores in the country as well. Within the next five years, Wal-Mart says they will open 50 cash-and-carry wholesale stores. The first Best Price Modern Wholesale stores in India opened in 2009 and there are already 20 stores in the country.
“Wal-Mart is committed to India and we are excited about our growth plans. We will continue to focus on the cash-and-carry format as we are very happy with the way it has shaped up in the last few years,” says Scott Price, president and CEO, Walmart Asia.
This will be Wal-Mart’s eleventh online market, once the B2B ecommerce site is live. The move represents a way for Wal-Mart to get involved in India, despite the country’s restrictions against foreign regulators selling there, offline or online. One of India’s requirements is that retailers based outside the country source 30% of their products and services locally.
“The format is also poised to grow in India and we would like to serve the growing customer base by opening 50 new cash-and-carry stores over the next four-five years and extend the e-commerce platform to our cash-and-carry members with a virtual shopping opportunity.
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