Carrefour takeover speculation
Paris: Carrefour has reported a 6.6% increase in full-year sales to €77.9bn (£53.1bn) on net profit up 58% at €2.27bn (£1.55bn). The results come in the wake of the resignation of the French supermarket chain's chairman Luc Vandevelde and continuing speculation that the group could be the subject of a takeover approach. This week investment firms Groupe Arnault and Colony Capital revealed they had acquired a 9.8% stake in Carrefour. The retailer is also reportedly in talks with the Housing Development Finance Corporation in India regarding the possibility of a joint retail venture.
Wal-Mart by three other names
New Delhi: Wal-Mart could operate under three different names in India as part of its $2.5bn (£1.3bn) joint venture with telecoms giant Bharti Enterprises, according to Bharti chairman Sunil Mittal. "It's only logical we call the C&C format Bharti-Wal-Mart as it's a joint venture," he said. "The Bharti-owned front-end retail stores and the franchisee-owned neighbourhood stores will carry two different names." The venture expects to open its first store next year, he added.
Great Atlantic buys Pathmark
Montvale, New Jersey: Supermarket group the Great Atlantic & Pacific Tea Company has acquired Pathmark Stores for $1.3bn (£674m). The deal, subject to shareholder and regulatory approval, will create a chain of 550 stores across the north east of the US with a turnover of $11bn (£5.7bn). Eric Claus, president and CEO of A&P, said: "By bringing these two great brands together, and by drawing on the strength of Pathmark's tradition and strong customer franchise in our north east region, we have the opportunity to establish an entity that appeals to a very diverse customer base."
First phase of Site to Store
Bentonville, Arkansas: Wal-Mart has rolled out the first phase of its Site to Store service, which allows customers to buy products on Wal-Mart's website and have them delivered to a Wal-Mart store for collection free of charge. The service, which has been trialled at a limited number of stores since 2004, will be rolled out to 750 stores in 12 states with national coverage expected to be completed by late summer. "We found that nearly two-thirds of the customers who used the trial service also shop in Wal-Mart stores on a weekly basis," said Raul Vazquez, CEO of Walmart.com.
The Pantry buys stores from Willard
Sanford, North Carolina: US c-store chain The Pantry has acquired 11 stores in Spartanburg, South Carolina, from Willard Oil Company. The stores currently operate under the Fast Phil's banner and generated sales of around $38m (£19.7m) in 2006. The Pantry already operates 1,558 stores in 11 states. "This strategic acquisition strengthens our market position in South Carolina, where we already operate more than 230 convenience stores," said chairman and CEO officer Peter Sodini. "It brings the number of stores we have acquired or agreed to buy so far in fiscal 2007 to 147."
Paris: Carrefour has reported a 6.6% increase in full-year sales to €77.9bn (£53.1bn) on net profit up 58% at €2.27bn (£1.55bn). The results come in the wake of the resignation of the French supermarket chain's chairman Luc Vandevelde and continuing speculation that the group could be the subject of a takeover approach. This week investment firms Groupe Arnault and Colony Capital revealed they had acquired a 9.8% stake in Carrefour. The retailer is also reportedly in talks with the Housing Development Finance Corporation in India regarding the possibility of a joint retail venture.
Wal-Mart by three other names
New Delhi: Wal-Mart could operate under three different names in India as part of its $2.5bn (£1.3bn) joint venture with telecoms giant Bharti Enterprises, according to Bharti chairman Sunil Mittal. "It's only logical we call the C&C format Bharti-Wal-Mart as it's a joint venture," he said. "The Bharti-owned front-end retail stores and the franchisee-owned neighbourhood stores will carry two different names." The venture expects to open its first store next year, he added.
Great Atlantic buys Pathmark
Montvale, New Jersey: Supermarket group the Great Atlantic & Pacific Tea Company has acquired Pathmark Stores for $1.3bn (£674m). The deal, subject to shareholder and regulatory approval, will create a chain of 550 stores across the north east of the US with a turnover of $11bn (£5.7bn). Eric Claus, president and CEO of A&P, said: "By bringing these two great brands together, and by drawing on the strength of Pathmark's tradition and strong customer franchise in our north east region, we have the opportunity to establish an entity that appeals to a very diverse customer base."
First phase of Site to Store
Bentonville, Arkansas: Wal-Mart has rolled out the first phase of its Site to Store service, which allows customers to buy products on Wal-Mart's website and have them delivered to a Wal-Mart store for collection free of charge. The service, which has been trialled at a limited number of stores since 2004, will be rolled out to 750 stores in 12 states with national coverage expected to be completed by late summer. "We found that nearly two-thirds of the customers who used the trial service also shop in Wal-Mart stores on a weekly basis," said Raul Vazquez, CEO of Walmart.com.
The Pantry buys stores from Willard
Sanford, North Carolina: US c-store chain The Pantry has acquired 11 stores in Spartanburg, South Carolina, from Willard Oil Company. The stores currently operate under the Fast Phil's banner and generated sales of around $38m (£19.7m) in 2006. The Pantry already operates 1,558 stores in 11 states. "This strategic acquisition strengthens our market position in South Carolina, where we already operate more than 230 convenience stores," said chairman and CEO officer Peter Sodini. "It brings the number of stores we have acquired or agreed to buy so far in fiscal 2007 to 147."
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