Walmart Winding Up in India?
The world's largest retailer Walmart which had opened with great fanfare across India has had ten years of it's brick and mortar existence, and has now decided to call it a day. The renowned retailer has asked to stop any further expansion of it's stores across the country, and has already fired one-third of it's top executives.
The Bentonville, Arkansas-based company sees no future in it's operations and is most likely ready to sell it or merge with Flipkart, which it bought over for $16 billion in 2018. Walmart has experienced a decade of struggle with the Indian government repeatedly thwarting it's plans and ambitions, in an effort to shield local store-owners.
Walmart had recently announced it's intention to expand it's business, including the mom and pop stores with goods, and double the number of wholesale outlets across the next four years.
However, the rules formulated and designed by the Indian government from foreign competition has stymied global consumer brands, including Walmart, and Amazon Inc., which are feeling the pressure as the government is enforcing stricter regulations for foreign e-commerce platforms. The executives sacked include the real estate team responsible for sourcing new sites for store locations, as well as vice-presidents across agri-business, sourcing and fast-moving consumer goods.