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.
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."
The break up of Bharti and WalMart's joint venture (JV) in the cash-&-carry space has put a question mark on the future of as many as 4,000 employees.
While the US retail giant has assured that it would keep on investing its cash-&-carry business in the world's second most-populous country, industry experts believe that the break up could force the company to close some of its stores.
Walmart International senior vice-president Ramnik Narsey will function as the interim CEO of Walmart India as CEO Raj Jain has quit the company.
While Walmart officials have claimed that Mr. Jain has left the company on his own volition, some people familiar with the development said he was shown the exit door. A source said unimpressive performance of the company led to Mr. Jain's departure.
Wal-Mart’s Lumia 710 price-reduction triggers apprehensions about Nokia’s troubled Windows Phone efforts
The recent announcement by retail giant Wal-Mart, that it will be offering the new Nokia Lumia 710 for free, with a two-year T-Mobile contract, has triggered apprehensions among tech writers and industry observers that Nokia's embryonic Windows Phone attempts are apparently in some kind of trouble.
The implications of Wal-Mart's Lumia 710 price-reduction move are being discussed by the industry watchers, even though T-Mobile and Best Buy have stuck to their `$49.99 with two-year contract' price-tag of the handset.
Stake holders had been asked to chip in their views and suggestions by India’s trade ministry on allowing retailers, dealing in multi brands like Wal-Mart Stores Inc. and Carrefour SA to open stores in India which is reckoned as the Asia’s third biggest economy.
According to the discussion paper prepared by the Department of Industrial Policy and Promotion, if foreign direct investment is allowed in retail, it can help to fund investments in farms, storage chains, resulting in the reduction of prices.
Chief Merchandising Officer of Wal-Mart Stores Inc., John Fleming has submitted his resignation which makes it the third upper level change in the retailer’s executives in under a week’s time. Fleming has been at the retailer for almost 10 years and has played a crucial role in selecting products and maintaining relationships with the vendors of the company that has had more than $400 billion in sales last year alone.
The world's largest retailer, Wal-Mart, according to Business Standard, has picked India based Infosys Technologies as one of the 3 IT vendors for contracts worth a total of $600 Million, which will run for quite a number of years. Although no official confirmations have been made yet, the speculations are very strong, and list Cognizant Solution and UST Global as the other two vendors.