Carrefour shutting down all its outlets

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Hypermarket chain Carrefour announced on Tuesday that it will be shutting all of its outlets here in Singapore before the end of the year.

The global retailer has two outlets here: Plaza Singapura and Suntec City Mall.

A spokesman said in a statement that the decision was made because expansion and growth prospects of the company do not allow it to reach a leadership position in the medium and long term.

The French company opened its first store in Singapore in 1997. In 2010, it announced that it would leave Malaysian, Singaporean and Thai markets.

It sold its operations in Thailand, where it had 42 stores, including 34 hpyermarkets, to Thai chain Big C for $1.36 billion.

Carrefour’s main competitors in Singapore are supermarket chain NTUC FairPrice and the Dairy Farm Group of supermarkets, which includes Cold Storage.

The closure will affect more than 380 employees, reported The Straits Times. The spokesman said that it intends to work with other retailers to find jobs for its staff. – Asia One