Carrefour plans to roll out its Planet Stores across France, Spain, Italy, Belgium and Greece

Carrefour plans to roll out its Planet Stores across France, Spain, Italy, Belgium and Greece

Carrefour has revealed an EUR1.5bn (US$1.97bn) plan to convert or remodel some 500 hypermarkets to its new Carrefour Planet concept by 2013 in France, Spain, Italy, Belgium and Greece.

The Carrefour Planet concept was unveiled in late August and the new stores have been redesigned and adapted to its customers' needs in a bid to offer a "new experience of shopping comfort, ease and pleasure."

The retailer is hoping the new format will turn around the struggling hypermarket, forecasting incremental sales growth of 18% over the 2010-2015 period and that they will provide an additional activity contribution before depreciation and amortization of EUR315m by 2013 and EU650m by 2015.

At an investor day yesterday (16 September), the company estimates that the combination of all of the initiatives underway will yield group sales of EUR105bn in 2013 and EUR120bn in 2015, against EUR79bn in 2009.

"Over the next five years, Carrefour expects a sharp improvement in revenues and profitability thanks to additional sales from its reinvented stores, strong footprint in key growth markets and significant savings from efficiency gains," said Carrefour CEO Lars Olofsson.