Carrefour to Acquire 172 stores in Spain for 92.7 Million Dollars
FRANCE - That retail behemoth you sense stirring on the global stage—that would be the international powerhouse Carrefour, which recently reached an agreement to acquire 172 stores under the Supersol banner in Spain. With a strengthened position in the country, this move by Carrefour allows the retailer to accelerate its expansion in its growth formats. The enterprise value of the transaction is 78 million euros (approximately 92.7M USD).
Carrefour’s new strategy includes converting the acquired stores to the convenience (Express), supermarket (Market), and Supeco formats, according to a press release. Aligning with the Carrefour 2022 transformation plan, the company will be able to consolidate its position in Spain by diversifying its store network and strengthening its presence in growing formats.
Additional goals included Carrefour improving sales density and optimizing the cost structure. The 172 convenience stores and supermarkets are mainly located in Andalusia and the Madrid region. The company also notes that this move will contribute to the development of food e-commerce, with the stores eventually becoming new order pick-up points.
The transaction is subject to customary conditions and is expected to close at the beginning of 2021.
With global retailers striking international moves, how will the market look as we anticipate the end of 2020 and the beginning of 2021? Only time will tell. That, and a whole lot of progressive strategies!