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Carrefour ditches plan for up-market Paris food store

French retailer Carrefour intends to drop a plan to open a luxury food store on the chic Place de la Madeleine in Paris, a source close to the matter said on Tuesday.

Separately, Hediard, the French chain of luxury food shops whose flagship Paris store sits on the same square, filed on Monday for insolvency, a source familiar with the process said. He declined to be identified because of legal restrictions.

Carrefour's luxury plan, the brainchild of former head Lars Olofsson and announced in 2011, contrasts with the main cut-price strategy of Europe's largest retailer to revive its ailing French operations.

Carrefour and Hediard declined to comment on Tuesday.

Source: www.businesstimes.com.sg

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