The new Carrefour 2030 strategic plan no longer includes a role for the Belgian, Polish, and Argentine branches. The retailer confirmed this in a press release this morning. However, this does not necessarily mean an immediate sale.
All options open
“Carrefour is adopting an ambitious new strategic plan today, radically focused on growth and improving profitability. First, the Group confirms its refocusing on three core markets—France, Spain, and Brazil—where we hold leadership positions and the highest potential for value creation,” said CEO Alexandre Bompard in the press release.
For the other regions (Belgium, Poland, Argentina), the group prefers “dynamic asset management.” Carrefour will continue to work on improving operational performance in these regions, while keeping all strategic options open, from growth to full or partial divestment. “The guiding principle for future decisions: maximizing value creation.”
It was already known that the retailer was reviewing its international activities. The Italian and Romanian branches have already been sold to local investors. Rumors that investment bank Rothschild & Co has been mandated to explore options for Belgium have been circulating for some time. The Belgian management has so far denied that there are any concrete plans to leave the country. CEO Geoffroy Gersdorff will soon discuss the strategy in more detail at a press conference. Yesterday, the Belgian division reported slight revenue growth for the fourth quarter and the full year.
Carrefour generates a turnover of approximately €4.5 billion in Belgium with 40 hypermarkets, 440 Carrefour Market supermarkets and 300 Carrefour Express neighbourhood shops.
