Europe’s largest retailer Carrefour has said that it has no plans to exit the Chinese market, according to China Business News. The statement was given by the French grocer amid rumours that it might sell its business to China Resources Enterprise due to huge losses in the first half of the year.
Liao Yan, Public Relations Manager of Carrefour China, said the speculation is groundless and declined to comment during an interview with Legal Evening News. In 2007, Carrefour’s expansions outside of France accelerated, particularly in Asia. In China they opened 22 new hypermarkets and broke the record for store openings in a one-year period. It was the leading foreign retailer, in terms of sales figures, until 2008.
While Carrefour has stated its intention to stay operating in the Chinese market, one of the largest retailers, Hong Kong-listed China Resources Enterprise, also denied they will take over Carrefour’s business in the country. (13 Sept)
© 2011 - ESM: European Supermarket Magazine
