Walmart India has stepped up its expansion plans to take the tally of its Cash & Carry outlets to 70 by the year 2020, said President and CEO, Walmart India, Krish Iyer at the inaugural day of India Shopping Centre Forum 2016.
Currently, the global retailer operates 21 Cash & Carry stores across nine states in India.
“We have received number of proposals from across the country to help create the shopping experience covering two-three more states covering 12 states in India,” Iyer said addressing delegates at the conference without disclosing the investment figures.
Speaking about Walmart focus on India, Iyer said, “India is the only bright spot in the emerging economy in particular and global economy in general. India will continue to remain the fastest growing major market in the next 5 years with macro-economic indicator including fiscal deficit being well under control and the economy robust.
Sharing his thoughts on the retail sector, Iyer said, “India is one of the largest markets in the world and I see opportunity for the next 30 years. While the policies & regulatory bodies remain a challenge to start the business with situation being not very retail friendly not only for global players but also for local players as well; however, programs like Make in India, Startup India, Digital India & Skill India has the potential to change the course.”
Earlier speaking at the Forum, Co-Head, Consumer Industries & Retail Product Practice – India and SE Asia, A.T. Kearney, Abhishek Malhotra pointed out that the Indian consumer landscape is undergoing a tectonic shift with a richer and younger population.
“One third of Indian population is having an average of over Rs. 5 lacs as their family income that has led to a growing middle and upper class sections adding to the spending power. Further, rising internet penetration is giving way to online retail, with participation increases outside metros,” Malhotra said.