Carrefour's performance in several Asian markets did not live up to its expectations. It incurred losses on several ventures. Carrefour group sales in 2012 were €86.6 billion and its revenues kept declining since 2007. The net debt value of the group as of December 2012 was € 4620 million.
Other big Western players, such as Home Depot and Tesco, exited China after facing fierce competition, failing to understand Chinese consumers, and struggling to adapt to the changing industry. Among the key factors leading to Carrefour's failure in China were supply chain issues and the rise of e-commerce.
Tesco said selling its Thai and Malaysian businesses came from a position of improved performance in the UK and its restoration of dividend payments after the accounting scandal. Tesco's recent divestments follow a trend in Asian exits by European peers.
Aeon also announced that the corporate name of Magnificent Diagraph Sdn Bhd, would be changed to Aeon BIG (M) Sdn Bhd. With the acquisition of Carrefour Malaysia, Aeon becomes the second largest retailer group in Malaysia.
Carrefour's performance in several Asian markets did not live up to its expectations. It incurred losses on several ventures. Carrefour group sales in 2012 were €86.6 billion and its revenues kept declining since 2007. The net debt value of the group as of December 2012 was € 4620 million.
Carrefour's downfall stems partly from mismanagement by Suning. But more broadly, it reflects the decline of a retail model that failed to adapt to a transformed consumer landscape. With just three stores left in the country, Carrefour's retreat marks more than the exit of a foreign brand.
Majid Al Futtaim Retail holds the exclusive rights to operate Carrefour across 12 markets in the Middle East, Africa, and Asia, with a network of over 390 stores. It is also the owner and operator of HyperMax, a new grocery retail brand with 44 locations in Jordan and Oman.
Tesco made a mistake in its development strategy by adopting a sole proprietorship rather than a joint venture [8]. As foreign investment was introduced into China before Chinese retailers had already grabbed market share.
Tesco plc (/ˈtɛs. koʊ/) is a British multinational groceries and general merchandise retailer headquartered in the United Kingdom at its head offices in Welwyn Garden City, England. The company was founded by Sir Jack Cohen in Hackney, London, in 1919.
Tesco changes name to Lotus's in Malaysia and Thailand. Charoen Pokphand Group, which acquired Tesco's stores in Thailand and Malaysia, has introduced a new logo and name.
The decision has sparked a growing boycott campaign against the retailer, led by groups alleging Carrefour has ties to Israel. The closure, which took effect on January 7, 2025, is part of a broader shake-up by Majid Al Futtaim (MAF), Carrefour's exclusive franchise partner in the Middle East, Africa and Asia.
Leclerc. On the other side of the Channel, the hypermarkets equivalent to Carrefour, both in terms of prices and the diversity of food products sold, are Tesco, the most present hypermarket chain on British soil, or Asda or even Morrisons.
In February 2021, the Issa brothers and TDR Capital acquired Asda, with Walmart retaining "an equity investment" in Asda, a seat on the board and "an ongoing commercial relationship". The deal came after an acquisition by Sainsbury's was rejected by the Competition and Markets Authority.
Are the royalty fees paid to Carrefour France being used to support Israel? No, Carrefour Group does not take any political stances across the globe, nor in any market in which it operates through its network of partners and franchisees.
According to analysts, the most important reason for Carrefour's failure in Japan was that it failed to understand Japanese consumer behavior. Japanese consumers had a different attitude towards spending and shopping when compared to their Asian counterparts.
Reflects change since 5 pm ET of prior trading day. Abdulla Al Futtaim owns conglomerate Al Futtaim Group, run by his son Omar, who is vice chairman and CEO. In 1955, the group became the exclusive distributor in the U.A.E. of Toyota-- and still has the distributorship today.
For 60 years, we have been pioneers in the large food retail business, continuously striving to make our products both affordable and accessible to everyone: creators of the hypermarket in 1963, Carrefour Brand products in 1976, the Reflets de France brand in 1996, and visionaries with the marketing in 1997 of the ...
