Carrefour is reportedly set to re-enter the Algeria market by opening a hypermarket in the country next year, according to reports.
TSA has reported that the store will represent an investment of €10 million for the grocery giant, and will be operated by a joint-venture of Carrefour Tunisia (30 per cent) and Asicom (70 per cent), a company jointly owned by the Algerian and Saudi governments.
Carrefour, the world's second-largest retailer, opened its first store in Algeria in 2006 as part of a tie-up with local firm Arcofina. However, in 2009, the pair decided to pull the plug on the venture, citing "too much competition from local shops".
It's reported that Carrefour believes it has more chances to expand successfully in Algeria now that it has partnered with the Algerian government, adding that the move also illustrates Carrefour’s ambitions in the region as the group’s partner in Morocco, Label’Vie, announced its intention to invest €132 million to extend its selling area.
© 2014 European Supermarket Magazine – your source for the latest retail news.
