Walmart India is set to open its first new store in almost 24 months, with the retail giant hoping to operate 500 stores in the South Asian nation within the next 15 years, according to news site Live Mint.
Following the demise of its partnership with Bharti Enterprises in October 2013, Walmart India, a wholly owned subsidiary of Walmart Stores, has continued to operate 20 cash-and-carry stores across eight states.
Krish Iyer, chief executive Wal-Mart India, has overseen much of this transition after being appointed in the aftermath of the Bharti collapse. Iyer said much of his focus has been on building a clear foundation for the future of the company, following a large turn-over of senior staff.
“The most important thing when I came in was to have a clear strategy. It was evident then that I would focus on our cash-and-carry business,” Iyer told Live Mint.
Iyer said that opening a cash-and-carry store of Walmart’s scale in India was not an easy task, with the gestation period for a store launch around 2.5 years. However, he added that the retailer was on track to open an additional 50 stores by 2020, with more growth set to follow.
“We can, over a period of 10-15 years, have 500 stores,” Iyer told Live Mint. “The potential in India is huge. India is five countries rolled into one. Until then, it’s about getting ready for the growth.”
Walmart intends to open a new in Agra during August, the first under Iyer’s tenure.
