The much-awaited Walmart store in Visakhapatnam is likely to start its operations from July this year. The retail giant’s store in Gajuwaka, spread over 56,000 sq ft, is at an advanced stage of completion. It has also been learned that the store is being constructed with an estimated investment of Rs 60 crores.
“We have acquired roughly four acres near Autonagar on lease and will complete the construction in two months with a built-up area of 56,000 sq ft and parking facility for 150 cars,” Walmart India Chief Corporate Affairs Officer Rajneesh Kumar was quoted as saying on Monday.
Walmart and Andhra Pradesh government inked a pact during the partnership summit in 2016 to open up a store in Visakhapatnam.
The store, which is being built completely with foreign investments, will even provide the clients with the facility of ordering the goods through an online portal or app.
The Visakhapatnam store will be providing 250 direct jobs and upto 2000 indirect jobs, it has been reported.
The Walmart Foundation will also spend around $2 million to work towards equipping the local farmers with modernistic techniques and strategies in order to avail better market prices for their products.
About Walmart
Walmart is an American multinational retailing corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. The organization currently has close to 12,000 stores all across the globe including prominent markets such as United Kingdom, South America, and China. Its biggest market is, however, the USA which generates around 63% of its total revenue. Apart from being the world’s largest company by revenue, The store is also the world’s largest private employer with close to 25 lakh employees. It is a family owned business which is run by the Walton family.
Currently, the organization has 21 stores operating in India including one each at Hyderabad, Vijayawada, Guntur, and Rajahmundry. Visakhapatnam will be Walmart’s fourth venture in the state of Andhra Pradesh.
The story was first published in Eenadu.
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