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Carrefour to move into Bulgaria despite crisis

Fri, Dec 12 2008 11:23 CET bydnevnik.bg 556 Views

France's Carrefour, Europe's biggest retailer, has not given up on the planned rapid expansion in Bulgaria despite the global economic slump, sources close to the company said. The chain has inked a contract to open a 10 000 sq m outlet in Rousse's Grand Plaza shopping mall, which should be finished in 2010.

Carrefour has been preparing for Bulgarian entry for a several years now, planning to debut in 2009 and build a 30-strong network of supermarkets and hypermarkets over the folowing five years.

On November 18, Carrefour sacked CEO Jose-Luis Duran over tepid sales and said it will focus on expansion in emerging economies.

Carrefour sold a retail centre under construction on Sofia's Tsarigradsko Chaussee to Greek fund Assos Capital to follow up with a Bourgas shopping mall unloaded to Gort Holdings and Bridgecorp. The chain will own Carrefour supermarkets in both complexes.

Carrefour, which has almost 15 000 hypermarkets and supermarkets in 30 countries worldwide, reported over 82 billion euro in sales for 2007.

Source: Dnevnik

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