Carrefour pulls back in Asian markets

07 July 2010

SINGAPORE: Carrefour, the retail giant, is looking to sell its operations in Malaysia, Thailand and Singapore as its focus shifts to the countries where it is already a market leader.

The move, which could raise up to €800m ($1.0bn; £662m) in capital, follows on from the firm's recent decision to pull out of Russia and southern Italy.

However, Carrefour – which is the world's second largest supermarket group after Wal-Mart – remains strongly committed to China, where almost 75% of its Asian stores are based, and Indonesia.

It is in the midst of a three-year, €3.1bn cost-cutting drive, but will unveil new-look hypermarkets in France in the autumn.

Italy, Belgium and Spain, which along with France account for 70% of Carrefour's sales, will also be the subject of a heightened emphasis going forward.

Data sourced from Financial Times; additional content by Warc staff