French retail giant Carrefour has announced plans to launch operations in Uzbekistan in 2020 in partnership with the Majid Al Futtaim Group.
Over the next two years, the retailer aims to open seven stores in Tashkent.
Three supermarkets and one hypermarket are scheduled to open in 2020, while two supermarkets and one hypermarket are to open in 2021.
The retailer's partnership with Majid Al Futtaim dates back to 1995, and it operates 285 Carrefour hypermarkets and supermarkets in 14 countries.
'Long-Standing Partnership'
Carrefour's executive director for international partnerships, Patrick Lasfargues, said, "We are delighted to be bringing our stores and products to Uzbekistan via our long-standing partnership with the Majid Al Futtaim group.
"With our support, our Partner is implementing an active strategy to grow Carrefour's network in the countries in which it is well established, as well as new ones where its expertise will help it quickly establish itself as a market leader."
New Opportunities
Carrefour's entry in Uzbekistan will create 2500 direct and indirect jobs and will benefit more than 600 local suppliers, producers, and farmers, the retailer said.
At present, Uzbekistan's food market is growing at a fast pace and the sector is estimated to be worth around $5 billion by 2023.
Managing director of Majid Al Futtaim - Retail, Hani Weiss, said, "Uzbekistan struck us as an ideal market to introduce the Carrefour name – it is enjoying fast economic growth and there is consumer demand for a modern form of retail. We see Uzbekistan as a stepping stone to the rest of the central Asian market."
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
