Metro Cash-and-Carry to take over Carrefour stores

Germany-based Metro Cash-and-Carry is all set to take over the remaining three of the five facilities of leading global retailer Carrefour SA.
 Metro Cash-and-Carry to take over Carrefour stores
Germany-based Metro Cash-and-Carry is all set to take over the remaining three of the five facilities of leading global retailer Carrefour SA.
Offlate,France-based firm Carrefour SA decideed to pull out of the Indian market after failing to crack the market with its wholesale venture. Germany-based Metro is in the final stages of taking possession of the stores from their landlords in Delhi, Bengaluru and Meerut, as per an industry insider.
Late last year, the Indian unit of Wal-Mart Stores took over Carrefour's Agra facility. Walmart India is currently refurbishing the space and is likely to open it under its own wholesale brand, Best Price. The fifth store, in Jaipur, has been converted into a warehouse. Metro didn't immediately respond to a text message seeking comment.
France-based Carrefour entered India in 2010 with its wholesale business - a segment where India allowed 100% foreign ownerships - hoping to move eventually to the country's $500 billion retail market selling directly to consumers. Those plans didn't work out as it failed to find a mandatory Indian partner to carry out the so-called multi-brand retailing, where foreign ownership is limited to 51%.
 After four years of running five bleeding cash-andcarry stores - wholesaling was in any case non-core for the French company - Carrefour in last July decided to pull out of India.
 
News courtesy: as per a news piece in Et Retail
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