Max Hypermarket ties up with Spar International, plans 20 stores
A unit of Dubai-based Landmark Group, Max partnered with Spar International a few years ago but ended the tie-up in 2012 after opening 13 stores, subsequently tying up with Auchan.
Max Hypermarket sees retail sales exceeding 300 million by 2019 from its stores that will now be rebranded Spar.
"We are pleased to renew and extend our business partnership with Spar International," said Viney Singh, managing director, Max Hypermarket. "This new arrangement will ensure that the stores are operated to the highest international standards of quality and food safety and provide customers with an enhanced shopping experience."
In March, Tesco entered into an agreement with the Tata Group to form a 50:50 joint venture with Trent Hypermarket to become the first — and so far only — overseas supermarket chain to have applied for and received approval to set up retail stores in the country after India allowed overseas companies to own up to 51% of local ventures in 2012, but with restrictions.
Global retailers such as Wal-Mart Stores and Metro prefer to operate wholesale cash and carry stores despite foreign direct investment (FDI) being partially allowed in multi-brand retail.
"Our previous presence in the market provides a strong foundation to grow the brand in the years ahead and we look forward to working closely with Max Hypermarket to bring quality fresh foods, low price and a convenient shopping environment to consumers in India," said Gordon Campbell, managing director, Spar International, which is one of the world's largest food retailers with more than 12,000 stores worldwide and retail sales of 32.2 billion in 2013.
source: articles.economictimes.indiatimes.com
