Metro says it has no plans to introduce its Real or MediaMarkt Saturn brands into India following Indian government's decision to permit foreign ownership of multibrand and single-brand retailers, will stay focused on its cash-and-carry stores
November 25, 2011
– According to a company spokesperson, diversified retail and wholesale cash-and-carry group Metro AG has no plans to introduce its Real or MediaMarkt Saturn brands into India in the wake of the Indian government’s decision to change laws concerning the foreign ownership of multi-brand and single-brand retailers, Reuters reported on Nov. 24.
Instead, Metro, which already has eight stores in India, indicated that it would focus on its cash-and-carry business in India.
Even before the recent changes to foreign ownership laws, foreign retailers were allowed to own and operate cash-and-carry, or wholesale, stores in India.
A Metro spokesperson reported that Metro plans to open at least five new cash-and-carry stores a year in India.
Metro AG’s cash-and-carry division first entered the Indian market in 2003.
Metro AG, which considers its Real hypermarket business to be a non-core endevour, has indicated that it would be willing to sell the Real brand if offered an appropriately attractive proposal.
The primary source of this article is Reuters, London, England, on Nov. 24, 2011.