Categories: Business

Carrefour shuts India business

Carrefour is shutting its business in India less than four years after it opened its first store in the country.

One of the world’s largest retail chains, Carrefour currently operates five cash and carry wholesale stores in India.

The French retailer has been exiting underperforming markets, including Singapore, Malaysia and Greece, under chief executive Georges Plassat’s three-year revival plan.

It has said it wants to focus on key markets in Europe, China and Brazil.

Carrefour is shutting its business in India less than four years after it opened its first store in the country

India opened up its multi-brand retail sector to foreign companies in 2012.

But it has put pre-conditions, including those on local sourcing and infrastructure investment, and has also left the final decision on whether to allow foreign companies to open stores to individual state governments.

Many analysts have said the pre-conditions have deterred foreign companies from entering the sector.

So far, only one company – the UK’s Tesco – has announced plans to open stores in the country.

The decision to open up the sector to foreign firms also faced political opposition at the time.

The Bharatiya Janta Party (BJP) – which has recently formed a new government in India – had opposed the move arguing that the arrival of big name supermarkets may hurt the small retailers in the country.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Donald Trump and Elon Musk Celebrate Election Victory at UFC 309

Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…

4 days ago

White House 2024: Donald Trump Wins, Kamala Harris Calls Him to Concede Election

Millions of voters across the US chose to return Donald Trump to the White House…

2 weeks ago

Who Won? Donald Trump Declares Victory as He Addresses Jubilant Supporters in Florida

Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…

2 weeks ago

Stocks Soaring as Donald Trump Closes in on US Victory

Stocks around the world are rising as Donald Trump appears to be on the cusp…

2 weeks ago

Who Won? Kamala Harris Cancels Election Night Party as Path to Victory Narrows

Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…

2 weeks ago

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

2 weeks ago