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| | The !..:Bazaar Fundas:...! Network is not currently active and cannot accept new posts | | Landmark plans Indian retail blitz with Carrefour | Views: 476 | | Oct 03, 2006 3:16 am | | Landmark plans Indian retail blitz with Carrefour | # | 
Tribal Route | | Dubai: Retail giant Carrefour is in talks with Dubai-based Landmark Group with a view to opening approximately 200 stores throughout India in the next 10 years, Gulf News has learnt.
Micky Jagtiani, CEO of Landmark Group, which runs brands including ShoeMart, Splash and Home Centre and has a major presence in India, told Gulf News he is "very optimistic" about establishing a joint-venture deal with the French retail chain.
"Negotiations are in a very early stage at the moment and nothing has been finalised so far. But we are very keen for this to go ahead," he said.
"We still have to see how the companies will be structured, but I am very optimistic that this will be resolved."
Jagtiani said should the deal be finalised, stores will be located in primary and secondary cities throughout India, but added it is unlikely the arrangement will be extended to neighbouring countries including Pakistan.
He said he could not reveal exact details of the arrangements, such as a potential timeframe for openings or likely store format.
Carrefour, the world's second largest retailer after US chain Wal-Mart, has had its eye on the Indian market for some time, but pulled its representatives out of New Delhi two years ago after postponing plans to officially enter the country.
It is believed the company's decision was influenced by lack of clarity over rules on foreign direct investment and the level of control Carrefour chiefs would have over operations.
Carrefour currently operates more than 7,000 stores in 29 countries and regions. Meanwhile Landmark Group's overseas operations include the Lifestyle chain of premium stores in India.
A recent study into the Indian economy by real estate services provider Frank Knight India revealed that the retail sector is worth $210 billion and is expected to grow at 5-7 per cent per year. Close to 220 malls will be operational by the end of 2008.
The study said organised retail represents just three per cent of the overall industry, but is growing at 30 per cent per year — figures which encouraged Dubai-based property developer Emaar to plan forays into India under its Emaar Malls branch.
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