US retail behemoth Walmart says it could open its first stores in India within the next 18 months, following the Indian government's ruling to allow multi-brand foreign retailers to open up majority-owned subsidiaries, reports InsideRetailAsia.com.
In an interview with The Wall Street Journal, Walmart CEO Scott Price said it would take 12 to 18 months for Walmart to make direct investments in the country.
'The company is capable of opening stores within 12 to 18 months and would be seeking permission to do so from states that have already indicated their willingness to have the US retailer set up shop,' said Price.
The Indian government cleared the way for 51 per cent overseas ownership in multi-brand retail stores on September 14 and left the final decisions to individual states. To date, nine out of India's 29 states have said they will allow FDI.
Price added that Walmart will continue its partnership with Bharti Enterprises which currently operates 17 cash and carry stores, and confirmed that it is not in talks with other local retailers over partnerships.
Walmart said it will also expand in other parts of Asia. In Japan, where it has 426 stores, 15 new supermarkets will be added next year.
Meanwhile, it will slow the rate of store openings in China due to the economic slowdown. The retailer has 378 stores there.
No comments yet