Browsing: Carrefour

• Carrefour only had two stores before the takeover
• Shoprite, the previous owner of the space, has exited Uganda after 21 years of operations
• Majid Al Futtaim is currently on an expansion spree in East Africa 

French retailer Carrefour has entered into an agreement with Shoprite Checkers Uganda Limited to take over its Shoprite franchise in the country.

Under the deal, Shoprite will transfer six of its Ugandan stores’ leases to Majid Al Futtaim, Carrefour’s parent company, by end of year.

Majid Al Futtaim currently operates two stores in Uganda, under the Carrefour banner.

Following the implementation of the agreement, Majid Al Futtaim will expand its footprint to eight Carrefour stores.

Commenting on the deal, Hani Weiss, CEO of Majid Al Futtaim Retail said: “We welcome the opportunity to bring our unique Carrefour offering of unbeatable value range, international standards to more customers across Uganda.

He added that the agreement represents …

For almost two decades, Kenya’s retail store Tuskys has dominated the market establishing itself as an alternative space for shoppers who looked for quality at an affordable rate. However, two years ago, the retail store has seen a downward trend with increased competition from online based stores as well as the rise of foreign stores like Carrefour and the Game.

The company has been unable to meet its financial obligations including paying suppliers and other debtors. This situation has been severe making the Competition Authority of Kenya to come in and scrutinize the accounts of the retailer.

The Authority issued Prudential and Reporting Orders to Tusker Mattresses Limited (Tuskys), requiring it to submit records revealing the full extent of debt owed, financial statements and records, sales forecasts, among others.

Now, the retailer shareholders through Orakam, the retailer parent company have released a statement describing their path to recovery. This includes …