World’s second largest retailer Carrefour has entered the booming Indian retail sector with its first wholesale cash-and-carry outlet in Delhi. The 5,200-sq.m store at Seelampur Metro Mall, inaugurated on December 30, will offer 10,000 food and non-food items to professional businesses, institutions, restaurants and local retailers.
The opening of the cash-and-carry outlet is in line with Carrefour’s strategy to be present in major emerging markets that offer significant expansion and medium- and long-term growth opportunities. “The opening of this store marks Carrefour’s entry into the Indian market and will be followed shortly by the opening of other cash-and-carry outlets. This step is essential to allow Carrefour teams to fully understand the specificities of the Indian market and build our presence in other formats,” says Lars Olofsson, CEO, Carrefour.
The Indian government currently allows 100 per cent foreign direct investment (FDI) in wholesale cash-and-carry trade. It also permits up to 51 per cent equity in single brand retail. FDI in multi-brand retail, though, is not allowed at present.
– IndiaRetailing Bureau