Walmart plans to bloom online, despite FDI hurdle
The Best Price modern wholesale stores caters to retailers like Kirana store owners, restaurants and small traders exclusively. One can shop only when he is a registered member and not retail customers.
Firstpost further reports that the project will be tested in 2 cities over the summer. A representative said,"As an exclusive virtual store for its members, the e-commerce platform will provide a similar assortment of products as well as special items."
IN the longer run, the company also plans to increase the number of Best Price stores from 20 to 50 in the next five years.
Last week, Walmart Inc paid a debt of $234 million related to the purchase of a stake in its Indian joint venture with Bharti Enterprises, which the U.S. retailer ended in October last year, according to its 2014 annual report.
Earlier to that, WalMart had paid $100 million to take over its Indian partner's 50 percent stake in Bharti Wal-Mart Pvt Ltd, which runs 20 wholesale stores under the Best Price Modern Wholesale brand.
The transaction resulted in a net loss of about $151 million, according to the company's consolidated statement of income.