Retail Sector

Wal-Mart to set up 50 new cash & carry stores in next 4-5 years

Wal-Mart to set up 50 new cash & carry stores in next 4-5 years

Wal-Mart India, the wholly-owned Indian arm of U. S. retail giant, has announced its decision to set up 50 new cash & carry stores/wholesale outlets in the country over the next four to five years.

Scott Price, president & CEO of Wal-Mart Asia, said that the company would continue to focus on cash & carry format as it was committed as well as excited about its growth plans in the Indian market.

Perseverance starts paying for Reliance Retail

Perseverance starts paying for Reliance Retail

Reliance Retail's perseverance has finally started paying it. The retail arm of Mukesh Ambani-led Reliance Industries Ltd (RIL) is expected to report a profit within a year.

Requesting anonymity, one senior company official said that Reliance Retail could report a profit by the end of fiscal 2014, thanks to stronger sales at its grocery business.

Flipkart hits $1bn sales milestone ahead of schedule

Flipkart hits $1bn sales milestone ahead of schedule

Indian e-commerce giant Flipkart has confirmed that it has hit the milestone of an annualised sales run rate of $1 billion (nearly Rs 6,200 crore) this year, ahead of schedule, thanks to more and more people's inclination towards online shopping.

In March 2011, the homegrown e-commerce company had announced its aim to achieve the $1-billion-mark for gross merchandize value (GMV) by 2015. But increasing Internet penetration and people's liking for online shopping helped the company hit the milestone ahead of schedule.

Govt. refuses to reduce mandatory local sourcing norm to 15%

Govt. refuses to reduce mandatory local sourcing norm to 15%

US-based retail giant Walmart might have suffered a jolt after the government turned down its request to reduce the mandatory local sourcing norm from 30 per cent to 15 per cent.

Walmart had requested the government to reduce the mandatory local sourcing norm to 15 per cent saying it would not be able to meet it. It said it could procure only around 20 per cent from local small units.

But, the government turned down the request. Confirming the decision, Union Agriculture Minister Sharad Pawar said, "We find no immediate reason to reduce this percentage."

Amazon gains 1M new Prime members within a week

Amazon gains 1M new Prime members within a week

Amazon, the world's most popular online retailer, has claimed that it gained around a million Prime members just within a week of December this year.

The online retail giant even claimed that the $79 Amazon Prime membership was signed up by so many people in the third week of December that it had limit the sign ups avoid a slow down in the system.

As per a recent estimate by analysts, Amazon's Prime service, which offers all-you-can-eat free two-day delivery on millions of eligible items, has nearly 20 million users around the globe.

Sahara’s retail arm to open 1,900 shops in Tamil Nadu

Sahara’s retail arm to open 1,900 shops in Tamil Nadu

Sahara Q Shop, the FMCG & retail division of Sahara India Parivar, has announced its plans to open nearly two thousand stores in Tamil Nadu in the next few years.

The company has decided to open exclusive kirana-type shops as well as introduce mobile trucks to increase its distribution network across the South Indian state.

Romie Dutt, executive director of Sahara Q Shop, said the plans would generate nearly 4,900 direct and indirect jobs across the state.

Tesco files application for buying 50% stake in Tata Group Hypermarket

Tesco files application for buying 50% stake in Tata Group Hypermarket

Shares of supermarket chain Star Bazaar-operator Trent gained more than 18 per cent on Wednesday, after British retail giant Tesco confirmed that it had had applied to acquire a 50 per cent stake in the Tata Group Hypermarket.

Tesco, which already has a franchise agreement to offer support to Trent's Star Bazaar chain, has plans to invest $110 million, and it has already filed an application with the Foreign Investment Promotion Board (FIPB) regarding that.

Tata Group has described the Tesco application to the FIPB as a "positive step" forward.

Krispy Kreme opens doughnut retail outlet in South Delhi

Krispy Kreme opens doughnut retail outlet in South Delhi

Advancing with its global expansion plan, American doughnut giant Krispy Kreme on Saturday opened a new retail outlet in Delhi.

The new outlet in the national capital has increased the total number of Krispy Kreme outlets in the country to nine. It is the company's first outlet in North India; all the remaining eight outlets are in Bangalore.

The store in south Delhi will offer a total of sixteen varieties of doughnuts, including the company's signature `Original Glazed Doughnut', in addition to beverages like coffee and tea.

Govt. clears 12 FDI proposals worth Rs 822 crore

Govt. clears 12 FDI proposals worth Rs 822 crore

The Government of India has approved twelve Foreign Direct Investment (FDI) proposals amounting to Rs 821.63 crore, the Union Finance Ministry confirmed on Monday.

The Finance Ministry announced that the government cleared the proposals on the recommendations of Foreign Investment Promotion Board (FIPB).

A statement released by the ministry said, "Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on November 13, 2013, the Government of India has approved twelve proposals of Foreign Direct Investment (FDI) amounting to Rs. 821.63 crore."

India’s retail inflation jumps to 10.09%

India’s retail inflation jumps to 10.09%

India's retail inflation jumped significantly up to hit 10.09 per cent in the month of October, mainly due to higher prices of vegetables and fruits.

Prices of onions and tomatoes remained high, while fruits became even costlier in October, ahead of the country's biggest festival - Diwali. The rate of retail inflation entered double digits in October after seven months.

In August and September this year, rate of inflation as measured by the consumer price index was recorded at 9.52 per cent and 9.84 per cent, respectively.