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Indians eager for Wal-Mart entry: Duke
Company Vice-Chairman Michael Duke Sees Increasing Support from Both Govt & Businesses
WAL-MART, the world’s largest company, says that it sees a groundswell of support for its plans to enter India. Michael Duke, Wal-Mart’s vice-chairman, said that businesses in India are eager for the Bentonville, Arkansas based retail behemoth to start its operations in the country. “We see a gigantic groundswell of desire from the government and from businesses for working with us in India. There is opposition but predominantly the groundswell is in support for Wal-Mart coming in,” Mr Duke told media persons. He was speaking on the sidelines of Wal-Mart’s annual shareholders meeting at the Bud Walton Arena at Fayetteville, Arkansas on June 1. Mr Duke looks after Wal-Mart’s international operations, which accounts for 22% of sales, and is by some distance the fastest growing part of its business. International sales grew a stunning 30% in the fiscal year ended 31 January 2007.
Despite what he perceives as support for Wal-Mart’s India foray, Mr Duke and other officials present didn’t make any announcements as to when the retail giant would enter India. “We are researching our consumers, mom and pop stores, farming methods. Lot of work is happening,” said Raj Jain, who head’s Wal-Mart’s operations in India. Officials who weren’t willing to be identified by name said the details of a joint venture with the Bharti Group were still being worked out. These included legal provisions.
While Wal-Mart and Bharti are expected to enter into a joint venture for the cash and carry segment, which will involve selling to wholesale consumers, mostly small shop owners. For selling to retail consumers, Wal-Mart is expected to enter into a technology transfer agreement with the Bharti Group. Indian regulations currently prohibit foreign direct investment in retail. “There will be collaboration in terms of processes, knowledge sharing and best practices,” said Rajan Bharti Mittal, Managing director, Bharti Enterprises. Wal-Mart sources about $600 million worth of products from India and 1,00,000 people work in factories which sell to Wal-mart. China’s interaction is an order of magnitude greater. It sells $9 worth of merchandise directly to Wal-Mart. Wal-Mart’s Internationalization was very much a theme of its shareholder meeting, understandably so, because international operations are now experiencing the kind of growth which the company experienced in the US in the 1980s and 1990s as it grew to current position at the top of the Fortune 500, However, in the recent past, same-store sales, a key measure of retail performance, has slowed in the US. For fiscal ‘07 same store sales for Wal-Mart stores grew just 2 %. At the shareholders meeting, Wal-Mart announced that it would build a lesser number of supercentres (Wal-Mart’s main retail format) then previously announced in the US during the next four fiscals. Its stock price has been essentially stagnant for years. Wal-Mart CEO Lee Scott has been criticized for presiding over a 24%’ decline in share prices during his seven year tenure. At the shareholders meeting, Rob Walton, chairman of the board, emphasized the Walton’s family’s support for Mr Scott.
The meeting was part theatre, with performances from Jennifer Lopez and new American Idol Jordin Sparks, and part indoctrination session. The famous Wal-Mart cheer, which certainly has a passing resemblance to North Korea style propaganda sessions, seemed to have been enthusiastically adopted by Wal-Mart’s foreign employees, of which there were large contingents from China, Brazil, Japan and the United Kingdom. A small delegation from India, mostly US citizens of Indian origin working in Wal-Mart, enthusiastically waved the tricolor, in his address to shareholders, Mr Scott said Wal-Mart researching the Indian market. In all Wal-Mart is present in 13 countries outside the USA, the bigger ones being Britain, Mexico, Brazil, China and Japan. It has had its share of failures. It sold off its businesses in Germany and South Korea.
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