The setting up the store spread over 50,000 sq ft has cost around $6 million to $7 million and the company will open another wholesale store in Punjab by the end of this year through the joint venture. The Best Price store is among first of the 15 stores that will be set up in the next two to three years.
The first phase of expansion will take place in the northern region. After Punjab, other stores will be opened in Haryana, Delhi, Uttar Pradesh and Madhya Pradesh. The real estate for these stores is a mixture of lease and owned property.
Bharti Enterprises managing director and vice-chairman Rajan Bharti Mittal said, We are delighted that the Bharti Wal-Mart partnership is bringing the latest and most modern advances in retailing to service the engine of Indias retail sector - the wholesalers and business owners. The focus has been on being innovative, adding value and helping our members prosper. We would listen to our members and adapt to our partnership with them as their needs and businesses grow.
There are around 5,000 to 6,000 SKUs in the store. The vendor partners include farmers, small manufacturers and private labels. By and large most of the products are being procured from India. The first Best Price store has been opened in Amritsar because this city has a large wholesale market and is a feeder market for small business, said Mittal.
Speaking on the occasion, Raj Jain, managing director and CEO, Bharti Wal-Mart Pvt Ltd said, We will generate significant job opportunities, both direct and indirect, by creating local beneficiaries along the supply chain and we have been working closely with local suppliers to develop a sustainable and efficient supply chain. Business owners in Amritsar now have a one-stop shop where they can take advantage of the efficiencies we provide, to derive strong returns and substantial benefits for their businesses.
Bharti Wal-Mart has signed up with 30,000 clients for its wholesale business and will buy goods from 800 local suppliers, managing director Rajan Mittal told reporters at the launch of its first store in Amritsar.
Best Price will supply mainly to resellers such as small kirana, caterers, self employed professionals etc.