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In a bid to strengthen its presence in India, Walmart India is planning to invest around $500 million to launch another 47 stores by 2022 to take the total number of outlets to 70.
Krish Iyer, President and CEO Walmart India, said, "Out of the 23 B2B Cash and Carry stores, 19 have achieved break even with over a million members."
The global retail giant has recently unveiled its 23rd wholesale store in Visakhapatnam. It is now in the process of setting up a second store in Visakhapatnam and discussions are underway for land.
"A typical store needs anywhere between USD 9 to USD 10 million in terms of investment. We are planning to take the total number of stores to 70 by 2022. That is the plan and we will also have e-commerce space in all the stores. So you can do the math. Yes, it needs USD 500 million," Iyer added.
Walmart India, a wholly owned subsidiary of Walmart Inc, is further looking to increase fulfilment centres across the country.
