PARIS (Reuters) – The boss of Carrefour said on Friday the retail sector was bound to consolidate in the coming years, notably in France, as competition intensifies, and that his mission was to make sure the French retailer came out a winner.
When asked if Carrefour could exit underperforming countries such as Italy or China, Alexandre Bompard told an annual shareholders meeting he was confident his overhaul plan “could improve the operational situation in each of our countries”.
Carrefour - Europe - Retailer - Midst - Plan
Carrefour, which is Europe’s largest retailer, is in the midst of a five-year plan it launched in January 2018 to cut costs and jobs, boost e-commerce investment and seek a partnership in China with Tencent.
Carrefour’s plan, which also entails a greater focus on areas such as fresh local products, organic food and sustainability, is aimed at helping the retailer boost profits and revenues, and tackle competition from Amazon.
Lot - Competitors - Markets - Italy - France
“There are a lot of competitors in markets like Italy or in France and weak sector margins and we are only at the beginning of the arrival of large platforms...
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