News: Bharti Retail returns 17 properties as Walmart holds back

C-Suite

Bharti Retail returns 17 properties as Walmart holds back

Bharti Retail has returned 17 properties, which it had leased across the country to open Easyday stores, the company’s B2C format, back to landlords, a possible fallout of the newfound reluctance of ally Walmart to engage in front-end retailing in India for now, said three company insiders.

Bharti Retail has returned 17 properties, which it had leased across the country to open Easyday stores, the company’s B2C format, back to landlords, a possible fallout of the newfound reluctance of ally Walmart to engage in front-end retailing in India for now, said three company insiders.

Walmart, which operates a cash and carry joint venture with Bharti, had lobbied hard for the entry of foreign supermarkets into India, and was expected to be the first foreign retailer to set up shop in the country. It pumped in $100 million into Bharti Retail's holding company in 2010, and after the government allowed foreign direct investment the retail sector last year both companies had said they were natural allies for a front-end retail partnership.

Source: Economic Times

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Topics: C-Suite, #Updates, #Corporate

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