Carrefour to exit Singapore possibly Poland
Carrefour decided to end its presence in the city-state "since expansion and growth perspectives do not allow reaching a leadership position in the medium and long term," the company's Singapore unit said in a statement.
There is much speculation about Carrefour at the moment, as the chain looks to cut costs. Another report suggests that the company may consider an exit from operations in Poland.
The company currently operates some 350 stores in Poland with a combined zł.9 billion in revenue.
Tesco, Wal-Mart and Auchan are among potential candidates to take over Carrefour locations if the company does decide to make an exit.
The company, whose stores sell everything from groceries to electronics, previously said it planned to withdraw from non-core markets, cut costs at home in France and give store managers more autonomy.
The French retailer had planned in 2010 to sell its operations in Thailand, Singapore and Malaysia but could only attract satisfactory bids for the Thai stores.
Source: www.marketwatch.com
