TUNISIA: Auchan secures stake in Société Magasin Général
French retail giant Auchan has entered the Tunisian market with the acquisition of a 10% stake in local retailer Société Magasin Général (SMG).
The agreement, signed at the end of October, will involve Auchan providing technical assistance to the Tunisian store operator. The retailer said the deal also provides it with "high potential" for expansion in North Africa and confirms its willingness to "expand internationally in partnership with local players".
For SMG, the deal gives the group access to "know-how" and will enable it to accelerate its store development, Auchan said.
SMG operates around 57 outlets in the country under the banners MG, Magro and Batam.
"Through this partnership, SMG intends to accelerate its position in the local market and contribute to the development of Tunisia," the French retailer said in a statement.
The deal is subject to regulatory approval.
Chinese hypermarket operator Sun Art Retail Group, the local venture of French retailer Auchan, has recorded an increase in profits for its full-year....
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