1、Carrefour: An Overview January 2003 Table of Contents 2 | Source: M+M Planet Retail Overview Background Operations Sales By Format Carrefour By Country Sales Breakdown By Region, 2002 Sales Breakdown By Country, 2002 Latest Major Developments Carrefour In Context Leading Global Retailers Spread, 200

2、2 Analysis By Country Prospects And Strategy SWOT Analysis Overview 3 | Source: M+M Planet Retail Main address: Carrefour S.A., BP 419-16, 75769 Paris C dex 1 6 Avenue Raymond Poincar , Paris 75116, France Tel: +33 1 53 70 19 00 Fax: +33 1 53 70 86 16 Website: Carrefour is the worlds second largest

3、retailer in terms of sales. Truly global player with operations in over 30 countries. Major formats are hypermarkets, supermarkets and discount stores. Well known for entering and adapting to emerging markets. Group turnover (2002): EUR85.6 billion Total number of stores (including franchises): 10,6

4、73 Background 4 | Source: M+M Planet Retail Carrefour SA was first listed on the French stock market in 1970. First opening stores in France during the 1960s, Carrefour went on to open the first hypermarkets in France and Europe. First started expanding into the rest of Europe in the early 1970s and

5、 1970s. At the same time the ED discount format was introduced. The Carrefour own-label was introduced in 1985. The first non-European store was opened in Brazil in 1975. Carrefours first Asian store opened in Taiwan in 1989. Carrefour announced its intention to merge with Promod s at the end of Aug

6、ust 1999 with the merger approved in January 2000. The Carrefour name was retained with the majority of Promod s stores rebranded. The merger pushes Carrefour to second place in global retailing. Operations 5 | Source: M+M Planet Retail Carrefour operates a diverse portfolio of formats, including hy

7、permarkets, supermarkets, discount stores, cash & carries, c-stores and a number of neighbourhood store formats for independent retailers. Pioneer of hypermarket format. All hypermarkets trade under the Carrefour banner worldwide. With the opportunities for hypermarket openings in developed markets

8、slowing, Carrefours strategy is to use the format to establish itself in emerging markets around the world. Supermarkets trade under a variety of fascias, although Champion is the most important. Discount stores are operated by Dia. Dia is now seen as a key brand for Carrefours future growth. Given

9、the success of the Dia format with its high profitability levels, it is not surprising that Carrefour is placing more emphasis on the discount banner in order to grow internationally especially in South America and Asia. The strategy is to establish all these major formats (hypermarkets, supermarket

10、s and discount stores) in all countries. Sales By Format, 2002 6 | Source: M+M Planet Retail Hypermarkets 58% Supermarkets 23% Independent Retailers 1% Foodservice 1% Franchised Stores 2% Convenience Stores 5% Cash & Carries 2% Supermarkets & Neighbourhood Stores 2% Discount Stores 6% Belgium Format

11、s: Hypermarkets, supermarkets, c-stores No. of stores: 484 2002 retail sales: 5.3 billion Czech Republic Formats: Hypermarkets No. of stores: 8 2002 retail sales: 0.3 billion Portugal Formats: Hypermarkets, discount stores No. of stores: 346 2002 retail sales: 0.9 billion Romania Formats: Hypermarke

12、ts No. of stores: 1 2002 retail sales: 0.1 billion Slovakia Formats: Hypermarkets No. of stores: 4 2002 retail sales: 0.1 billion Spain Format: Hypermarkets, supermarkets, discount stores, cash & carries No. of stores: 2,802 2002 retail sales: 11.7 billion Switzerland Formats: Hypermarkets No. of st

13、ores: 11 2002 retail sales: 0.6 billion France Formats: Hypermarkets, supermarkets, discount stores, c- stores, cash & carries, independent retailers, forecourt stores No. of stores: 4,530 2002 retail sales: 45.2 billion Greece Formats: Hypermarkets, supermarkets, discount stores No. of stores: 414

14、2002 retail sales: 1.4 billion Italy Formats: Hypermarkets, supermarkets, c-stores, cash & carries No. of stores: 946 2002 retail sales: 6.3 billion Poland Formats: Hypermarkets, supermarkets No. of stores: 76 2002 retail sales: 0.8 billion Carrefour by Country: Asia Pacific 7 | Source: M+M Planet R

15、etail Argentina Formats: Discount stores, hypermarkets, supermarkets No. of stores: 451 2002 retail sales: 1.5 billion Brazil Formats: Hypermarkets, supermarkets, c-stores No. of stores: 267 2002 retail sales: 3.7 billion Chile Formats: Hypermarkets No. of stores: 4 2002 retail sales: 0.1 billion Co

16、lombia Formats: Hypermarkets No. of stores: 8 2002 retail sales: 0.2 billion Dominican Republic Formats: Hypermarkets No. of stores: 1 2002 retail sales: 0.1 billion Mexico Formats: Hypermarkets No. of stores: 21 2002 retail sales: 0.8 billion Carrefour by Country: South America 8 | Source: M+M Plan

17、et Retail China Formats: Discount stores, hypermarkets No. of stores: 62 2002 retail sales: 1.5 billion Indonesia Formats: Hypermarkets No. of stores: 9 2002 retail sales: 0.2 billion Japan Formats: Hypermarkets No. of stores: 4 2002 retail sales: 0.2 billion Malaysia Formats: Hypermarkets No. of st

18、ores: 6 2002 retail sales: 0.3 billion Singapore Formats: Hypermarkets No. of stores: 1 2002 retail sales: 0.1 billion South Korea Formats: Hypermarkets No. of stores: 25 2002 retail sales: 1.3 billion Taiwan Formats: Hypermarkets No. of stores: 28 2002 retail sales: 1.4 billion Carrefour by Country

19、: Asia Pacific 9 | Source: M+M Planet Retail Egypt Formats: Hypermarkets No. of stores: 1 2002 retail sales: na Oman Formats: Hypermarkets No. of stores: 1 2002 retail sales: 0.1 billion Qatar Formats: Hypermarkets No. of stores: 1 2002 retail sales: 0.1 billion Tunisia Formats: Hypermarkets No. of

20、stores: 1 2002 retail sales: 0.04 billion Turkey Formats: Hypermarkets, supermarkets, discount stores No. of stores: 134 2002 retail sales: 4.4 billion UAE Formats: Hypermarkets No. of stores: 8 2002 retail sales: 0.5 billion Carrefour by Country: Africa & Middle East 10 | Source: M+M Planet Retail

21、Carrefour - Sales Breakdown By Region, 2002 11 | Source: M+M Planet Retail Europe 84% Asia 7% South America 8% Middle East 1% Carrefour - Sales Breakdown By Country, 2002 12 | Source: M+M Planet Retail France 52% Italy 7% Greece 2% Spain 13% Switzerland 1% Taiwan 2% Smallest fifteen countries 4% Arg

22、entina 2% Brazil 4% China 2% Belgium 6% Poland 1% Mexico 1% South Korea 2% Portugal 1% Latest Major Developments (1/2) 13 | Source: M+M Planet Retail January 2003 - Carrefour has reported a slip in gross sales for 2002 of 1.6% to EUR76.78 billion. Although currency effects in emerging markets (deval

23、uations in Brazil and Argentina and weaker Asian currencies) knocked sales growth back, on a constant currency basis sales rose by 4.5%. January 2003 Unconfirmed reports suggest Carrefour is to enter Bulgaria. This follows on from reports throughout 2002 that the group is planning entry into Russia

24、and the Philippines. December 2002 - Opening of the first Carrefour hypermarket in Egypt by the Majid Al Futtaim group which holds the Carrefour franchise for countries in the Middle East. December 2002 Carrefour acquires the 20.3% stake not already owned in its Spanish subsidiary, Centros Comercial

25、es Carrefour. Latest Major Developments (2/2) August 2002 CEO Daniel Bernard stresses that Carrefour is now coming to the end of the three year process of merging with Promod s stating The synergies from that are in place, but there are still more to come, particularly in logistics. Thats a five to

26、six year process. May 2002 - Carrefour acquires 12 outlets from the failed Metro supermarket chain in Argentina. February 2002 Carrefour confirms that it does indeed plan to open discount stores in China under the Dia banner as previously rumoured. The first opening is scheduled for Shanghai in 2003

27、. Although it is too early to say how many Dia stores the company will open in China, Carrefour believes that the potential market is enormous. 14 | Source: M+M Planet Retail Carrefour In Context 15 | Source: M+M Planet Retail 1.Wal-Mart EUR255.1 billion. 2.Carrefour EUR87.2 billion. 3.Ahold EUR75.4

28、 billion. 4.Kroger EUR58.9 billion. 5.Ito-Yokado EUR57.7 billion. 6.Metro Group EUR56.1 billion. 7.Target EUR46.9 billion. 8.Albertsons EUR44.6 billion. 9.Kmart EUR42.5 billion. 10.Tesco EUR41.3 billion. Leading global grocery/GM retailers in terms of sales, 2002: Carrefour In Context 16 | Source: M

29、+M Planet Retail 1.Carrefour 31 countries. 2.Ahold 26 countries. - Metro Group 26 countries. 4. Ito-Yokado 13 countries. - Tesco 13 countries. 6.Wal-Mart 11 countries. 7.Kroger 1 country. - Target 1 country. - Albertsons 1 country - Kmart 1 country. Leading global grocery/GM retailers in terms of co

30、untries of operation, 2002: Carrefour In Context 17 | Source: M+M Planet Retail 1.Ito-Yokado 23,772 stores (5,562,448m2). 2.Carrefour 10,673 stores (12,071,981m2). 3.Ahold 9,276 stores (9,766,550m2). 4.Wal-Mart 5,080 stores (49,632,668m2). 5.Kroger 3,668 stores (11,659,343m2). 6.Metro Group 2,393 st

31、ores (11,125,900m2). 7.Albertsons 2,285 stores (9,099,890m2). 8.Tesco 2,276 stores (4,284,561m2). 9.Kmart 1,620 stores (12,524,500m2). 10.Target 1,476 stores (15,758,730m2). Leading global grocery/GM retailers in terms of number of stores, 2002: Leading Global Retailers Spread, 2002 18 | Source: M+M

32、 Planet Retail Country Argentina Austria Belgium Bulgaria Brazil Canada Chile China Colombia Costa Rica Croatia Czech Rep Denmark Dominican Republic Ecuador Egypt El Salvador Estonia France Germany Carrefour 451 484 267 4 62 8 8 1 1 4,530 Wal-Mart 11 22 201 25 95 Ahold 245 142 78 96 209 21 1 21 6 Te

33、sco 17 1 Metro 41 23 8 18 1 10 4 117 1,791 continued next page Number of stores by country Leading Global Retailers Spread, 2002 19 | Source: M+M Planet Retail Country Greece Guatemala Honduras Hungary Indonesia Italy Japan Latvia Lithuania Luxembourg Malaysia Mexico Morocco Netherlands Nicaragua No

34、rway Oman Paraguay Peru Philippines Carrefour 414 9 946 4 6 21 1 Wal-Mart 405 595 Ahold 98 27 21 33 38 41 2,280 20 1,173 12 39 Tesco 52 3 Metro 14 32 79 1 3 5 22 continued next page Number of stores by country Leading Global Retailers Global Spread, 2002 20 | Source: M+M Planet Retail Country Puerto

35、 Rico Poland Portugal Qatar Republic of Ireland Romania Russia Singapore Slovakia South Korea Spain Sweden Switzerland Taiwan Thailand Tunisia Turkey UAE UK USA Vietnam Carrefour 76 346 1 1 1 4 25 2,802 11 28 17 1 134 8 Wal-Mart 54 12 259 3,401 Ahold 179 12 694 2,127 51 1,628 Tesco 77 77 17 20 3 49

36、1,975 Metro 81 10 16 6 6 36 15 23 29 2 Number of stores by country Europe Analysis By Country: Belgium 22 | Source: M+M Planet Retail Carrefours status: Leader Main competitors(s): Delhaize, Colruyt, Cora Strengths 1.Market leader. 2.Operations span a wide variety of formats/fascias. 3.Hypermarkets

37、performing well in non-food ranges. Opportunities 1.Discount store development. 2.More forecourt stores. 3.Greater synergies between different supermarket chains. Weaknesses 1.Unprofitable since acquisition. 2.Conversion of hypermarkets to Carrefour banner has alienated some shoppers. 3.Labour relat

38、ions have been problematic. Threats 1.Colruyt set to add space through Laurus deal. Analysis By Country: Czech Republic 23 | Source: M+M Planet Retail Carrefours status: Number 8 Main competitors(s): Ahold, Schwarz, Rewe Strengths 1.Credible economy ranges. 2.Adaptable hypermarket format. 3.Local bu

39、ying infrastructure. 4.Impressive food and non-food offer. Opportunities 1.Begin to catch up in discount store terms. 2.More smaller format hypermarkets. 3.Possible withdrawals by foreign players could provide acquisition opportunity. Weaknesses 1.Lagging rival operators by a large margin. 2.Perceiv

40、ed as too upmarket by many shoppers. 3.Has watched as other players have started opening discount units. Threats 1.Faced by strong competition from impressive international rivals. 2.Could risk being seen as leisure/tourist destination rather than a shopping venue. Analysis By Country: France 24 | S

41、ource: M+M Planet Retail Carrefours status: Leader Main competitors(s): Leclerc, ITM, Auchan Strengths 1.Overwhelming leader. 2.Immense brand awareness and trust. 3.Multi-format presence in all areas of country. 4.Extensive private label lines. Opportunities 1.Development of clothing supply chain an

42、d ranges. 2.Supermarket and discount store openings. 3.Growth of c-store/forecourt store business. Weaknesses 1.Lost sight of quality in recent price-led skirmishes with rivals. 2.Lost market share to Leclerc. 3.Disappointing E-commerce. 4.Promod s integration has not been seamless. Threats 1.Heavy

43、price competition especially from German discounters. 2.Not much scope for acquisitions. 3.Planning laws are restrictive. 4.Rivals joining forces. 5.Wal-Mart evaluating entry into France. Analysis By Country: Greece 25 | Source: M+M Planet Retail Carrefours status: Leader Main competitors(s): Delhai

44、ze, Sklavenitis, Veropoulos Strengths 1.Number one in the market. 2.Joint venture and joint branding mean the stores have a “local” appeal. 3.Active in hypers, supers and discount stores. 4.Franchise deals mean low cost and low risk. Opportunities 1.Development of clothing supply chain and ranges. 2

45、.Still potential for many more stores. 3.Fairly relaxed competition laws could enable sizeable acquisitions. Weaknesses 1.Lower share of locally sourced goods than in other markets. 2.Some critics suggest that rebranding of certain operations has been rushed and confusing. Threats 1.Smaller rivals s

46、uch as Delhaize and Atlantic are fighting hard for market share. Analysis By Country: Italy 26 | Source: M+M Planet Retail Carrefours status: Number 3 Main competitors(s): Coop Italia, Conad, Auchan Strengths 1.Reasonable hypermarket and supermarket presence. 2.Effectively ditched frozen food chain.

47、 3.Own-brands and non-food ranges compare well to larger domestic rivals. Opportunities 1.Acquisitions. 2.Could introduce Dia in the longer term. 3.Convenience format is ripe for expansion. 4.Growth into underdeveloped South. Weaknesses 1.Stores appear quite clinical alongside their Italian counterp

48、arts. 2.Over-concentration in North-East. Threats 1.Conad and Cop Italia are strong rivals with impressive multi- format operations. 2.Auchan is poised for sustained growth in Italy. 3.Store openings are beset with red tape. Analysis By Country: Poland 27 | Source: M+M Planet Retail Carrefours statu

49、s: Number 5 Main competitors(s): Auchan, Jer nimo Martins, Casino Strengths 1.Decent network hypermarkets and supermarkets. 2.Has been enjoying encouraging comparable sales growth. Opportunities 1.Ambitious growth targets. 2.Discount stores could be launched. 3.Shift away from price-led to quality-led competition? 4.Introduction of own-brands. Weaknesses 1.Lack of private label offer. 2.Has been slow to convert the Globi stores inherited from GIB. 3.Sat back as Tesco picked up Hit. Threats 1.Up against some of Europes finest grocers. 2.Viable hypermarket locations are increasingly thin on the