Hazard's stuff

09 Nov, 2005

Carrefour in Cyprus

— Posted by hazard @ 05-11-09 01:41
There is an intresting article in Financial Mirror about Carrefour acquisition of Chris & Carry and its plans for domination on the island. My feelings are a bit mixed, as for sure Carrefour will purchase everything abroad if it is cheaper and local business will suffer, while on the other hand they will bring more efficiency and lower cost of living, which in general should be positive for the economy.

"Carrefour took over the Management of Chris Cash and Carry on August 18th 2005 after the resignation of the three Directors -- Mr. Christos Vakis, Mr. Andreas Constantinides and Mrs. Vasiliki Andreou -- and the appointment to the Board of Directors of a) Mr. Jerome Loubere, b) Mr. Michael Hrostoff, c) Mr. Alain Goanvec."

"The policy of Carrefour worldwide is to be 3% cheaper than the cheapest retailer operating in the market."

"The giant has already imported 20 private label products under the Carrefour brand and now they are busy unloading containers of non-durable goods such as washing machines, refrigerators, TV screens, and their arsenal will soon be completed."

"Moving on to Limassol, where Carrefour is aiming for the town’s 28% share of the total market value for Cyprus and CYP 182 mln spent in food and drink per year, market rumours claim that Carrefour is busy with a gargantuan 7,500 sq.m. hyperstore at the Old Lanitis Stores, previously bought by Chris Cash and Carry having obtained a town planning permit already."



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