Walmart is ruining our country

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Associated Press

Wal-Mart Expresses Interest in India05.12.2005, 07:10 AM

Wal-Mart, the world’s largest retailer, wants to open stores in India, the chief of the company’s international operations said Thursday, as he lobbied for the South Asian nation to open its booming retail sector to foreign investment. The U.S.-based company, headquartered in Arkansas, has no stores in India where foreign retailers are only allowed to operate through franchises. But it sources apparel, home textiles and accessories from India. President and CEO of Wal-Mart International John B. Menzer told reporters in New Delhi that if his company could open stores in India, it would be able to source more products from the country. “We have growing Indian partners. We have great suppliers in this market. It is our fastest growing export market,” Menzer said after meeting with Prime Minister Manmohan Singh.

Wal-Mart operates a procurement center in the southern Indian city of Bangalore. This year, Menzer said, the Bangalore center is expected to export products worth over US$1.5 billion (euro1.16 billion) to Wal-Mart stores worldwide.”If I have an opportunity to bring stores into the market, we will get better knowledge and close cooperation with our supplier … and can even accelerate the growth of our exports.”

Earlier this year, the government said it plans to allow foreign investment in the fast-growing retail sector, but that it hasn’t made a final decision because of opposition from leftist allies. Besides Wal-Mart, Chanel of France, Britain’s Marks & Spencer and Germany’s Metro are keen to enter India’s US$180 billion (euro140 billion) retail market that is dominated by more than 12 million “mom and pop” shops.

Earlier this year, the government said it plans to allow foreign investment in the fast-growing retail sector, but that it hasn’t made a final decision because of opposition from leftist allies.Besides Wal-Mart, Chanel of France, Britain’s Marks & Spencer and Germany’s Metro are keen to enter India’s US$180 billion (euro140 billion) retail market that is dominated by more than 12 million “mom and pop” shops.

~babu

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