Walmart India will invest $500 mn to open 47 stores by 2022, it announced recently. That would take the total number of outlets in the country to 70. Out of the 23 business-to-business (B2B) ‘cash and carry’ stores, 19 have achieved break even with over a million members, President and Chief Executive Officer of Walmart India Krish Iyer said recently.

The global retail giant also plans to increase the number of fulfilment centres across the country, Iyer told a news agency. The company recently opened its 23rd wholesale store in Visakhapatnam—the fourth store in Andhra Pradesh—offering direct and indirect employment to 2,000 and plans to open a second store there. The contribution of private labels to overall sales is in single digits and is expected to grow to about 20 per cent in the next two to three years, he said.