Protests No Deterrent to Bharti and Wal-Mart Joint Venture
New York City, The Wal-Mart and Bharti Enterprises joint-retail venture in India is still in full force despite protests from small traders, according to Reuters.
“I think it’s a big change for India, the move from mom-and-pop to organized retail,” Wal-Mart’s India operations head, Raj Jain told Reuters on Monday. “I think most people understand that it is a necessary evolution which has to go through for everybody to benefit from and for the economy.”
Wal-Mart and Bharti first announced their plans for a joint venture in early August.
The Bharti-Wal-Mart Private Limited is expected to open its first store by the end of next year. The store will sell groceries, consumer appliances and fruits and vegetables to retailers and small businesses.
Movie Gallery to close underperforming stores
DOTHAN, Ala. Movie Gallery Inc. today announced that it plans to close approximately 520 underperforming and unprofitable Movie Gallery and Hollywood Video stores. According to the company, the closings are part of its plan to conserve cash and reduce the company’s cost structure to address the financial and industry challenges it has been experiencing.
Joe Malugen, chairman, president and ceo of Movie Gallery, said, “Closing these stores was a difficult, but necessary decision to help protect the future of this company. These stores are being closed after evaluating a number of factors, including store profits and the terms of the leases at each location. This action will allow us to focus our resources on the approximate 4,000 stores that have a stronger operating performance and prospects for future growth.”
Martha Stewart to design line for 1-800-FlOWERS
CARLE PLACE, N.Y. Martha Stewart is creating an exclusive, co-branded line for 1-800-FLOWERS. The new floral, plant and gift basket program will launch this spring and will be available exclusively at 1-800-FLOWERS.com.
Martha Stewart stated: “I have been cultivating flowers and creating beautiful arrangements all my life. Fresh flowers and gift baskets enhance the beauty of any home and make every occasion special. I am delighted that we will collaborate with 1-800-FLOWERS.com next year to provide consumers with memorable floral gifts, plants and gift baskets that will be greatly appreciated by every recipient.”