Europe’s largest retailer Carrefour is abandoning Russia, but keeping plans to open its stores on the retail space of some Russian companies. According to Russian media, one of the largest local retail chains “Magnet» has already received such a proposal from Carrefour, but decided to reject it.
Yesterday, Carrefour reported that two of its Moscow hypermarkets will continue their usual work until the time of the sale, while the third hypermarket in Lipetsk will be opened as scheduled in November this year. It is supposed that the deadline for the sale of the objects will be set on January-April 2010.
The decision of selling its Russian business announced by Carrefour last week, due to the inability of the company to become a market leader in the short and medium term. The company was discouraged by the administrative barriers and the level of bureaucracy in Russia.
A source close to Russia’s office of Carrefour, told that the company is still looking for an opportunity to enter the local market, possibly by franchising approach.