• Reuters reports that France’s Carrefour, continuing to focus on cost-cutting, says that it will “step up plans to downsize its hypermarket stores,” open convenience stores, and put “a greater focus on organic products and private labels.”
Facing weakness in its home market, Carrefour is said to aim to “boost profits and sales and tackle growing competition from U.S. online retail giant Amazon.”
Bloomberg writes that “the company plans to reduce store space by around 10 percent of its current hypermarket portfolio and pledged to trim annual costs by 2.8 billion euros ($3.2 billion) by 2020, versus 2 billion euros in a previous plan … Carrefour is getting more aggressive about scaling back suburban stores that have struggled to cope with competition from e-commerce and specialty retailers. While shrinking so-called hypermarkets, it’s opening 3,000 more convenience stores.”
Facing weakness in its home market, Carrefour is said to aim to “boost profits and sales and tackle growing competition from U.S. online retail giant Amazon.”
Bloomberg writes that “the company plans to reduce store space by around 10 percent of its current hypermarket portfolio and pledged to trim annual costs by 2.8 billion euros ($3.2 billion) by 2020, versus 2 billion euros in a previous plan … Carrefour is getting more aggressive about scaling back suburban stores that have struggled to cope with competition from e-commerce and specialty retailers. While shrinking so-called hypermarkets, it’s opening 3,000 more convenience stores.”
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