Carrefour Announces $150 Million Thailand Expansion

[george]

Carrefour Announces Thailand Expansion

BANGKOK: -- French hypermarket chain Carrefour SA said Tuesday it plans to invest nearly $150 million to open new megastores in Thailand.

Carrefour currently has 24 stores in Thailand and plans to open about four or five new branches a year for the next three years, Philippe Broianigo, managing director of CenCar Ltd., a Thai unit of Carrefour, said in a statement.

"We have been missing many opportunities in the past and it's time for us now to ring the bell and wake up," Broianigo said.

The company slowed its expansion over the past six years but Thailand has recovered from the 1997 financial crisis and consumer demand for quality products is growing, Broianigo said.

--Forbes.com 2007-01-30

[Jingthing]

How about one in Jomtien, Carrefour?

Isn't Jomtien the fastest growing city in Thailand? So where is the Carrefour?

[frenchFARANGbkk]

Carrefour Announces Thailand Expansion

BANGKOK: -- French hypermarket chain Carrefour SA said Tuesday it plans to invest nearly $150 million to open new megastores in Thailand.

Carrefour currently has 24 stores in Thailand and plans to open about four or five new branches a year for the next three years, Philippe Broianigo, managing director of CenCar Ltd., a Thai unit of Carrefour, said in a statement.

"We have been missing many opportunities in the past and it's time for us now to ring the bell and wake up," Broianigo said.

The company slowed its expansion over the past six years but Thailand has recovered from the 1997 financial crisis and consumer demand for quality products is growing, Broianigo said.

--Forbes.com 2007-01-30

Few weeks ago the Thai gvt said no more megastores, so what?!

[cclub75]

Ja yen yen... We are still waiting for the new Retail Act... that the Commerce minister is cooking...

This law will create a new framework for large international retailers... And the idea, from the previous reactions of the gvt, seems to curb their developpment.

Unless Carrefour has some insider's infos... I guess this announcement is a way to put the pressure on the gvt.

http://www.bangkokpost.com/Business/31Jan2007_biz49.php

Edited January 30, 2007 by cclub75

[midas]

Carrefour Announces Thailand Expansion

BANGKOK: -- French hypermarket chain Carrefour SA said Tuesday it plans to invest nearly $150 million to open new megastores in Thailand.

Carrefour currently has 24 stores in Thailand and plans to open about four or five new branches a year for the next three years, Philippe Broianigo, managing director of CenCar Ltd., a Thai unit of Carrefour, said in a statement.

"We have been missing many opportunities in the past and it's time for us now to ring the bell and wake up," Broianigo said.

The company slowed its expansion over the past six years but Thailand has recovered from the 1997 financial crisis and consumer demand for quality products is growing, Broianigo said.

--Forbes.com 2007-01-30

Few weeks ago the Thai gvt said no more megastores, so what?!

that is what I wondered when I read this? I thought Tesco Lotus had been

stopped from developing any further megastores?

[Jai Dee]

Carrefour aggressive in Thailand

BANGKOK: French hypermarket chain Carrefour said yesterday it would spend nearly 5bil baht (US$147mil) on expanding in Thailand where it saw no risk from a proposed tightening of foreign ownership laws.

“We are more aggressive about our investment here,” Philippe Broianigo, managing director of CenCar Ltd, which operates Carrefour’s 24 hypermarkets in Thailand, said in a statement outlining the company’s threeyear expansion plan.

The retailer expected to open at least four to five new outlets per year starting from 2008, and would consider any opportunity to expand more quickly, he said.

Carrefour, which planned to open two new stores this year, competes with Britain’s Tesco which has 56 outlets across the country. Big C Supercenter operates 47 stores and Siam Makro has 30.

“We’ve been missing many opportunities in the past. It’s time now to ring the bell and wake up,” Broianigo said.

Thailand’s government, installed after a military coup in September, jolted markets this month when it said it would amend the Foreign Business Act to close legal grey areas that have underpinned three decades of outside investment.

The proposed tightening of rules governing overseas firms elicited major criticism from foreign businessmen, but Broianigo saw little impact on Carrefour’s operations.

“We don’t see any business risk or potential impact of the amendment of the Foreign Business Act to stop us from investing in Thailand,” he said, adding the changes would make investment conditions “more precise.”

The company said it planned to restructure its management by increasing the number of Thai executives on the board to more than half, from two out of nine now. More Thai management staff would also be employed, he said.

Source: Malaysian Star - 31 January 2007

[Mid]

France v's America ,

score .......Thailand 1

[popshirt]

How about one in Jomtien, Carrefour?

Isn't Jomtien the fastest growing city in Thailand? So where is the Carrefour?

Oh you can take those magnificent baht busses to the one in Pattaya and risk breaking your leg or neck carting your stuff back to Jomtien.

[Bottlerocket]

It might be to test the waters of the Thai demands. "Let's see how cooperative they're going to be with foreign investment." After all, they might lose Ford. They've already lost Intel. There've been others. Is it going to be protectionism or globalism in the new Thai era of reconstruction?