A new CARREFOUR is taking shape

Speaking at the World Retail Congress in Barcelona yesterday, the chief executive of Carrefour, José Luis Duran, said that "a new Carrefour is taking shape,” and that he was confident in the company’s growth platform. He also said that Carrefour is open to selling part of its property portfolio to boost shareholder value as long as it would not hurt the retailer's core business, "If we can create shareholder value, yes. The question is how to create it without hurting the core business? How can we do it, without putting in danger the operating side of the business?" Mr Duran also noted that "growing in emerging markets will always pose risks," as Carrefour is trying to increase its presence in Brazil, China and in Russia. In Brazil, the retailer has just this week acquired financing from the Brazilian National Development Bank to expand its network. Mr Duran said the priority for Carrefour in China is organic growth as it plans to open 20 hypermarkets there per year. The company could consider acquisitions there as well, he said. In terms of India, Mr Duran said no deal had been done yet and it that looked like any agreement would take some time to be reached. He did not know when the first store openings might happen but said partnerships would make entrance into India easier. "We are handling a short list of potential partners and we expect to take a decision in the coming months," Duran said. "Even in the existing legal framework we can find solutions with possible franchise agreements."