Report: India closer to allowing foreign retail investment
New Delhi, India —India will announce new rules for foreign investment in retail by April 2012, which would pave the way for such retailers as Wal-Mart Stores, Carrefour SA and other large chains to open stores in the country, Bloomberg reported.
“We are much further down the process than people think,” said Junior Trade Minister Jyotiraditya Scindia in an interview with Bloomberg. “I think it is a huge opportunity for India.”
Indian law limits foreign retail investment to ownership of wholesale stores or 51% holdings in single-brand shops. The government prohibits non-Indian companies from operating multi-brand outlets to protect local store owners.
India is the third-most attractive retail market for global retailers among the thirty largest emerging markets, according to AT Kearney. The growing middle class, expanding economy and increasingly brand-conscious population will help push retail sales up by 35% during the next three years, the company said in a June report.
Alliance Data extends agreement to provide private-label credit cards to Victoria’s Secret
Dallas — Alliance Data Systems Corp., a provider of loyalty and marketing solutions derived from transaction-rich data, announced it has signed a long-term extension agreement with Victoria’s Secret, a subsidiary of Limited Brands, Inc., to provide private-label credit card services.
terms of the extension, Alliance Data will continue to provide end-to-end private-label credit card services for the Victoria’s Secret credit card from account acquisition to customer service.
GNC adds PayPal’s Mobile Express Checkout
Pittsburgh — General Nutrition Centers, has added PayPal’s Mobile Express Checkout to its mobile site. The integration was made exclusively by mobile and social commerce provider, Branding Brand, without any involvement from third-party service providers, and makesGNC one of the first to implement this feature on its mobile site.
Upon checkout, customers who choose to use PayPal Mobile Express Checkout log into their PayPal account, confirm payment details, and then view the order confirmation on GNC’s mobile site. The process streamlines the purchasing process by eliminating the need to enter lengthy credit card or address information.
"Allowing customers to purchase quickly is an important part of improving the mobile experience, as well as conversion," said Jeffrey R. Hennion, EVP and chief branding officer at GNC. "We are excited to give our customers a fast, secure alternative to our standard cart."