The world's second-largest retailer, French chain Carrefour, is planning to sell its interests in Thailand, Malaysia and Singapore, the Financial Times has reported.
It is estimated the sales could reap the company between €600m (US$752.28) and €800m (US$1bn).
The group has 40 stores in Thailand, 19 in Malaysia and two in Singapore, and the move is in keeping with the company's directive of pulling out of markets where it doesn't have the potential to become market leader, in order to concentrate on those in which it does.
Carrefour CEO Lars Olofsson has said the company should listen to offers for its businesses in markets where the prospect of being market leader was unrealistic.
Carrefour is committed to its operations in China, home to 68 per cent of its 626 Asian stores, and to Indonesia with 76 stores, while Taiwan has 65 outlets.
Asia was responsible for eight per cent of the group's sales, which hit €86bn (US$107.82bn) last year.
According to Mr Olofsson, most of the company's investments will target its largest markets of France, Italy, Belgium and Spain, and the firm will also target rapidly growing new markets like China and Brazil.
No comments yet