 "Long-term approach needed to succeed in India, says Walmart")
American retail major Walmart on Friday said to succeed in India a long-term approach is required, even as it is pushing for opening up supermarkets and hypermarkets across the country in the multi-brand retail segment.
“If I was to look at from the US company perception, the Indian opportunity I think it is a market, which no foreign investor or a domestic investor can really ignore. But it is not easy to do business here. It is really difficult in many areas … It is about long-term view and long-term approach that is necessary to succeed in India,” said Krish Iyer, president and chief executive officer, Walmart India, while addressing the Confederation of Indian Industry Partnership Summit here.
Iyer said although the present government is taking all efforts to create a conducive business environment, the key to achieve success for Walmart will be to work in tandem with the states.
“States play a more important role as far as we are concerned. But there is a high degree of alignment between centre and states in most of the states. We have a positive response coming in from some states,” he added.
The $473 billion retail juggernaut has had a rough time ever since it set its foot in the country. Its attempts to enter the Indian retail market estimated at $600 billion have remained unsuccessful so far.
“Right now, we are focusing on our cash and carry business,” Iyer told Business Standard, refuting claims that it is pushing the new government to allow foreign direct investment (FDI) in multi-brand retail.
“If I was to look at from the US company perception, the Indian opportunity I think it is a market, which no foreign investor or a domestic investor can really ignore. But it is not easy to do business here. It is really difficult in many areas … It is about long-term view and long-term approach that is necessary to succeed in India,” said Krish Iyer, president and chief executive officer, Walmart India, while addressing the Confederation of Indian Industry Partnership Summit here.
Iyer said although the present government is taking all efforts to create a conducive business environment, the key to achieve success for Walmart will be to work in tandem with the states.
“States play a more important role as far as we are concerned. But there is a high degree of alignment between centre and states in most of the states. We have a positive response coming in from some states,” he added.
The $473 billion retail juggernaut has had a rough time ever since it set its foot in the country. Its attempts to enter the Indian retail market estimated at $600 billion have remained unsuccessful so far.
“Right now, we are focusing on our cash and carry business,” Iyer told Business Standard, refuting claims that it is pushing the new government to allow foreign direct investment (FDI) in multi-brand retail.