Egypt signs 15-year contract with French metro line operator

Egypt signs 15-year contract with French metro line operator
Egypt signs 15-year contract with French metro line operator

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Jeddah - Yasmine El Tohamy - CAIRO: Carrefour Egypt has announced plans to invest about 200 million Egyptian pounds into its operation before the end of the year.

Jean-Luc Graziato, director of stores for the Majid Al-Futtaim Retail Group, said the decision — that will involve opening new branches — came despite sales taking a hit from the coronavirus pandemic.

He said that estimated sales losses totaled about 18 to 20 percent during the pandemic. He added that Carrefour online sales make up 4 to 5 percent of total revenue, which he aims to increase to 10 to 15 percent.

Graziato said that, while the pandemic led to a consumption slowdown in Egypt, the latest signs show a return to normal business conditions. He added that Carrefour’s market share in the Egyptian retail sector ranges between 21 and 22 percent.

“Opening branches of Carrefour in the new administrative capital is already part of our future plans. We have plans to expand in various governorates of Egypt,” Graziato said.

Al-Futtaim Group, which develops and manages shopping centers, integrated cities, retail and entertainment facilities in the Middle East, Africa and Asia, operates Carrefour Egypt.

The group announced last year the opening of three new branches this year in the governorates of Minya, Qena and Marsa Matrouh.

About 39 Carrefour branches are expected to open over a period of five years, within the 100 outlets the supermarket chain targeted.

Carrefour Egypt was established in 2002 and employs over 7,000 people.

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