Bangalore: The skyline of Indian retail market, which is already teeming with towering malls and huge shopping complexes, is set for a grand makeover by global retail giant Wal-Mart stores, which is closely monitoring the Government's FDI policy for rolling out its retail plans.
The world's largest retailer, which recently received the Government's approval for setting up an office here, said that India is high on its priority list and it was conducting a detailed market study on the country.
"India is an emerging retail market in which we have a high interest. We continue to monitor the Indian Government's policy on FDI and continue our market research," Wal-Mart's International Corporate Affairs spokesperson Amy Wyatt said at company’s Arkansas headquarter.
"Our liaison office application was recently approved and we are proceeding with plans to open a small office in Bangalore focused on retail market research," Wyatt added.
Currently, the Indian government allows foreign direct investment of up to 51 per cent in single-brand retail ventures.
However, industry experts believe that further relaxation in retail FDI norms are necessary to enable a smooth foray by a multi-brand retailer like Wal-Mart Stores in India.
While Wal-Mart said that its Bangalore office would focus on market research activities, it is considered to be a part of the company's broader plans for opening its retail outlets in the country.
Comments
0 comment