Saturday, May 05, 2007

Small retailers are here to stay says Wal-Mart

Wal-Mart is trying to make itself clear once again about its intentions in the Indian market and has said that the company’s plans are completely in compliance with the current FDI regulations. The company will only be conducting business via the cash-and-carry format, as required by the law. Raj Jain, president of emerging markets for Wal-Mart, said that “We are not doing retail in India because that’s not permitted by law. We are planning to enter into the cash-and-carry business. We have spoken to planners and influencers and they have all said that what Wal-Mart was planning in India was good.” Wal-Mart will hire over 1,000 people for its cash-and-carry format over the next 2-3 years. There will be 5-10 stores opening in the next 2-3 years under a new name that will be announced in the coming weeks.

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