Max Hypermarkets India has signed a deal with Netherlands based Spar International Supermarket chain to establish and run a chain of hypermarkets in India. Currently, Foreign Direct Investment is not allowed in Indian Retail sector and thus Spar is taking this back door entry, very similar to what Tata-Woolworth have done.
Spar will provide the expertise, rights to transfer brands and transfer core retail knowledge, while Max will manage the finances and operations in the front end. Spar is a Multinational retailer with presence in 33 countries globally.
Mr. Viney Singh, Max Hypermarkets, CEO said,
We believe this model is best suited to meet the needs of our customers and to develop a sustainable hypermarket format in India. Our corporate tag line is – make shopping affordable for families.
We have reliably learnt from the management that the first store will be opened in the retailers favorite city – Bangalore / Bengalooru. Max hypermarket is part of the Landmark group.