Financial Chronicle Mumbai, December 31, 2013 Itโs holiday season. The Oberoi Mall, in a far-flung western suburb of Mumbai, is decked for the occasion: golden bells are strung in the eaves; cotton floss circles the huge Christmas tree like vanilla ice cream. The well-lit stores in the mall are buzzing with jittery shoppers who are crowding the aisles but not the billing counters. As the year 2014 dawns, the images it brings in its wake -- the dark facets of economy such as joblessness, decreasing disposable incomes and trickling foreign investment almost alter the very basics of consumerism. The economy…
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Raghavendra Kamath, Business Standard Mumbai, December 30, 2013 More foreign investments could flow in $450 billion-worth Indian retail after Foreign Investment Promotion Board (FIPB) today gave approval to Tesco-Trentโs proposed JV. According to retail industry executives, some of the top European, Japanese and Korean retailers are seriously pursuing Indian retail. Leading the pack is French retail giant Carrefour, which is expected to apply with the government by March next year, said sources in Ministry of Commerce and Industry. Carrefour has already spoken to Kishore Biyaniโs Future group and Shoppers Stop owned Hypercity for possible alliance, sources in retail industry said.…
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Raghavendra Kamath, Business Standard Mumbai, December 23, 2013 Tesco has been powering Star Bazaar, Trent’s hypermarket for a couple of years. The euro 72 billion Tesco was a back-end partner and provided sourcing and technical knowhow. While announcing the formal joint-venture with Tesco last week (following the easing of retail FDI norms), Noel Tata, vice-chairman of the Tata’s retail arm, had said that the company’s understanding of the market along with the UK-based retailer’s expertise would allow them to leverage the potential of the India’s retail scene. “As a JV partner, Tesco’s motivation to bring in its systems and knowhow…
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Nandita Bose, Reuters Mumbai, December 19, 2013 It took months of arm-twisting and assurances from New Delhi to persuade British retailer Tesco Plc to take the plunge and become the first foreign player to set up a chain of supermarkets in India. Earlier this year, world No.1, Wal-Mart Stores Inc, walked away from India and few expected any of its rivals to step in before elections due by next May, which could bring to power a government that reverses the opening up of a $500 billion market long dominated by millions of mom-and-pop shops. But on Tuesday, Tesco announced that…
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Nupur Anand, DNA (Daily News & Analysis) Mumbai, December 18, 2013 More than a year after the government allowed 51% foreign direct investment (FDI) in multi-brand retail, Britain’s Tesco, the world’s third largest retailer, is set to become the first foreign supermarket to foray into India’s Rs 31 lakh crore ($500 billion) retail sector. On Tuesday, Tesco announced it had applied to the Foreign Investment Promotion Board (FIPB) to buy a 50% stake in Tata group’s Trent Hypermarket, thus confirming months-long speculation about a possible multi-brand joint venture (JV) between the two. Trent operates the supermarket chain Star Bazaar. Subject…
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