Thirty retail outlets in the Middle East will be rebranded as Carrefour supermarkets after Majid Al Futtaim, the retailer's partner in the region, purchased the Retail Arabia Group.
The takeover involves 26 Géant supermarkets in the UAE, Kuwait and Bahrain, as well as four Gulfmart outlets. All 30 will be rebranded as Carrefour hypermarkets and supermarkets.
Major Milestone
“This acquisition is a major milestone for Majid Al Futtaim, one which further cements Carrefour’s position as the largest and most successful grocery retailer in the region and beyond,” said Alain Bejjani, CEO of Majid Al Futtaim.
“We are open to further prospects, through both organic growth and opportunistic acquisitions, and will pursue these in line with our disciplined strategic and financial approach. Our ambition is to expand our physical as well as our digital presence, and reinforce our omni-channel offering.”
Following this acquisition, Carrefour will operate a total of 80 stores in UAE, 11 in Bahrain, and eight in Kuwait.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. Click subscribe to sign up to ESM: The European Supermarket Magazine.
