Carrefour Strengthens Position In Spain With Purchase of 172 Stores
Carrefour has announced a deal to acquire 172 stores under the Supersol banner in Spain, located mainly in Andalusia and the Madrid region.
In a statement, the retailer said that the deal strengthens Carrefour's 'number two position in the country', enabling the group to accelerate its expansion in its growth formats.
The enterprise value of the transaction is €78 million. The acquired stores posted net sales of around €450 million in 2019.
The stores will be converted to three formats, Carrefour Express (convenience stores), Carrefour Market (supermarkets) and Supeco.
'Carrefour will thus consolidate its position in Spain by diversifying its store network and strengthening its presence in growth formats, in line with the strategy underpinning the Carrefour 2022 transformation plan,' the group said.
Carrefour added that the acquisition will also contribute to the development of food e-commerce, with the stores being developed into new order pick-up points in time.
Some 90% of the acquired stores are located in large cities, including Madrid, Malaga, Cadiz and Seville.
The transaction is subject to customary conditions and is expected to close at the beginning of 2021.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.