CARREFOUR to expand in China and India

Planet Retail 7 May 2010

During Carrefour's annual general meeting, CEO Lars Olofsson has announced that the company is seeking to expand in fast-growing emerging markets India and China. Olofsson added that the retailer may exit other countries where it is not a leading retailer so it can strengthen its position in the ones in which it is stronger. Olofsson also said that the retailer was looking for partners in India and China, while no details were given about the names. There has been speculation that Carrefour is going to enter India with Pantaloon.

In a global economic climate he characterised as still uncertain, notably in Europe, Carrefour would remain cautious, banking on the good execution of its three-year overhaul plan to return to profitable growth. Carrefour is on the right track to achieve total cost savings of EUR3.1 billion (USD 4.5 billion) by 2012, he said.

Asked if the political crisis in Thailand was having an impact on the company's operations, Olofsson said: "It is true that sales are showing some weakness in Bangkok. We are more impacted than other retailers but I am confident this will improve.

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