Carrefour to buy shopping malls in $2.8bn deal

Carrefour is teaming up with investors to buy 127 shopping malls in which it runs stores, in a $2.8 billion deal that marks the French retailer’s latest attempt to revive its struggling European hypermarkets.

The world’s second-biggest retailer behind US group Wal-Mart has been battling for years to turn around its core hypermarket business as time-pressed customers increasingly shop locally and online, and buy non-food goods from specialists.

Chief executive Georges Plassat has had some success with a drive to revamp stores, improve price competitiveness and cut costs.

Under the deal, Carrefour and a number of unidentified institutional investors will buy the shopping malls in France, Spain and Italy from real estate group Klepierre for €2 billion ($2.8 billion). – (Reuters)

20131216-221833.jpg

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Blog at WordPress.com.

Up ↑

%d bloggers like this: