HUNGARY: Carrefour scraps hypermarket plans because of intense competition
Plans to build new two hypermarkets in Budapest have now been scrapped by French chain Carrefour following an assessment of the intense competition already present on the Hungarian domestic retail market. The cost of greenfield developments is also often prohibitively high in Hungary. Carrefour is now expected to shift its investment focus to China and Romania, and dismantle its Hungarian subsidiary, which was established earlier this year.
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