Wal-Mart (NYSE:WMT) Stores has decided not to pursue India’s huge market announcing that it had indefinitely delayed its ambitious plans to open hundreds of superstores across the country.
The announcement comes at a bad time for the Indian economy. Growth has slowed significantly and the value of the rupee has fallen starkly in recent months. It also suggests that the government’s efforts to lure more foreign investment are failing, but the governing United Progressive Alliance’s plan has never been popular with India’s retailer groups.
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Only 4 percent of India’s $500 billion retail market is controlled by large, Western-style chain stores. In China, the share is about 20 percent and in Brazil 36 percent. India’s tiny operators have few of the inventory controls of their larger competitors and much of the country’s food rots before reaching consumers — an unfortunate reality in a nation in which nearly half of all children are malnourished.
Scott Price, the CEO of Wal-Mart (NYSE:WMT) Asia, told CNN last week that the company remains committed to the Indian market, especially with hundreds of millions of consumers moving into the middle class over the next 20 to 35 years.
“We think there is a role for Wal-Mart (NYSE:WMT) to play,” Price said. “But what it requires is the ability for us to invest in a manner that is simple, that we can comply with the law and we can make shareholder returns.”
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