Carrefour keeps 'all strategic options' open for Belgium
The French supermarket group Carrefour says it will keep “all strategic options” open for its operations in “non-core countries”, including Belgium, as part of a new strategic plan reported on Wednesday.
The retailer intends to concentrate primarily on its core markets of France, Spain and Brazil. In other countries, such as Belgium, Poland and Argentina, the group will pursue what it describes as “dynamic asset management”.
According to the company, this approach means continuing to improve operational performance while keeping all strategic options open, ranging from growth to full or partial monetisation. Maximising value creation will be the guiding principle for future decisions.
Speculation about Carrefour’s future in Belgium surfaced in early December, when De Tijd reported that the group was considering a possible exit from the country. At the time, Carrefour neither confirmed nor denied the report.
Belgian performance recovers
The strategic update comes as Carrefour reported improved results in Belgium for the past year. On a comparable basis, turnover rose by 0.8 per cent to 4.427 billion euros, “in a market that is nevertheless one of the most competitive in Europe”, the company said.
Profitability has also “recovered”, although the group did not disclose specific profit figures.
Carrefour operates 40 hypermarkets in Belgium, more than 440 Carrefour Market stores and around 330 Carrefour Express outlets, giving it a substantial footprint in a highly competitive retail landscape.
"We had kind of expected this, and we have been a bit afraid of it"
The announcement has not come as a complete surprise to trade unions. “We had kind of expected this, and we have been a bit afraid of it,” said Wouter Parmentier, secretary of ACV Puls.
However, he pointed out that only two weeks ago, following Carrefour’s sale of its Romanian supermarkets, management at Carrefour Belgium had told unions that Belgium was important to the group and that there were no plans to leave. “So today’s communication is bizarre,” Parmentier said.
According to Parmentier, there are interested parties for the Belgian stores. “Albert Heijn has already shown interest in the past.” The union says it will fight for jobs, wages and working conditions at Carrefour, “whatever the scenario”.
Savings target
As part of its longer-term strategy, Carrefour is targeting annual savings of 1 billion euros by 2030. Chief executive Alexandre Bompard is expected to outline further details of the plan later on Wednesday.
While no concrete decision has been announced regarding Belgium, the language used in the strategy suggests the group is keeping its options open as it reassesses the role of smaller markets within its global portfolio.
© PHOTO PETER HILZ / HOLLANDSE HOOGTE / ANP
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