Carrefour boss rules out exiting more countries after China deal
PARIS: Carrefour boss Alexandre Bompard said he had no plans to exit other countries after the French supermarket retailer agreed to sell a majority stake in its Chinese operations to electronics retailer Suning.com.
“China was a very specific situation, a very small market share, a small player with losses. When I came in, I saw that size was an issue. The other countries do not have the same configuration.” Bompard told BFM Business TV on Tuesday.
“One must focus on the strategic battles. I would love to lead all the battles. In China, when you have a 2.8 percent market share, you have lost the digital battle even though our teams did a wonderful job,” he added.
Carrefour on Sunday became the latest Western retailer to retreat from the Chinese market as fierce competition from domestic rivals and a growing online market puts pressure on foreign firms.
(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)