Carrefour's Exit from Japan

Aeon would acquire all the eight hypermarkets of Carrefour Japan. Carrefour said that the sale was part of the divestment strategy to get rid of under-performing assets (Refer Table I for Business Priorities in 2004). With the announcement to exit the Japanese market, Carrefour joined other foreign retailers like OfficeMax, Sephora, and Boots, who had exited the Japanese market earlier. Carrefour entered Japan in 2001 as part of its expansion strategy in Asia. By 2004, the company managed to open only 8 stores out of 13 stores planned. The 8 stores had sales of € 326 million and posted a loss of €235.9 million in 2004. Analysts commented that Carrefour failed to attract the Japanese customers since the time it entered the Japanese market.

In 1959, Marcel Fournier and Louis Defforey established the first Carrefour (means crossroads in French) retail store at the convergence of five roads in Annecy, near Paris in France. In 1963, Carrefour opened its first hypermarket in Sainte-Genevieve-des-bois in France. The hypermarket had a floor area of 2,500 square meters, 12 exit points and 400 parking points. Carrefour started its first global venture in 1969, by opening a hypermarket in Belgium under the banner 'Champion'. In 1970, Carrefour began to be listed on the Paris stock exchange. In 1972, the company opened its first stores in the UK and Italy.