Reuters AlertNet Lite - Indian store closes after attack on private retail

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Indian store closes after attack on private retail

23 Oct 2007 13:27:22 GMT
Source: Reuters

MUMBAI, Oct 23 (Reuters) - Protesters opposing the entry of private retail giants like Wal-Mart into India forced a superstore in the country's financial capital to close down on Monday, the first such attack in the city, police said.

Display windows and panes of a store belonging to Indian retailer D-Mart were broken with stones and sticks, forcing its owners to close it down.

Security at other malls and supermarkets in Mumbai's northern suburbs had been increased to prevent possible fresh attacks, said police officer Ramrao Wagh.

Fearing loss of livelihood, traders, farmers and small shopkeepers oppose plans by foreign and local companies to introduce western-style supermarts into India's fragmented $350 billion market expected to double in size by 2015.

The protests also reflect wider social concerns against private investment with farmers worried their land could be taken away for factories and workers fearing loss of millions of jobs due to competition.

Monday's attack on the D-Mart store was the first in Mumbai, indicating the discontent against private retail was not limited to smaller cities where most earlier attacks on superstores had taken place.

Reliance Industries Ltd., India's biggest private company, decided to delay plans to open hundreds of superstores in the north and east of the country after almost two dozen of its stores were shut down following protests.

Foreign retail giants Carrefour and Tesco have also shelved investment plans due to the uncertainty.

Large companies still account for only three percent of India's retail market. Retailers fear protests could snowball in India as politicians feel it could win them votes.

Those against private retail say 40 million jobs will be lost, against the 2 million that modern retail promises to create.

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Last updated:Tue Oct 23 13:27:21 2007