French retail giant Carrefour has opened its first hypermarket in Xinjiang, northwestern China, as it resumes its expansion in the Asian country.
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The opening of the new store will be followed by further expansion in Beijing and Shanghai, marking a return to expansion in China for Carrefour, which had put its plans on hold as it sought to overcome new regulations, reported Agence France-Presse.
Carrefour has now restructured its operations in China in order to comply with laws that prevent foreign companies from holding a stake of more than 65% in retail joint ventures in China.
“We are the first foreign distribution company in China to completely restructure,” Jean-Luc Chereau, the president of Carrefour China, was quoted by AFP as saying.
“This has allowed us to relaunch our expansion with the agreement of the local and national authorities.”
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By GlobalDataChereau said the company planned to open up to 12 new shops in China this year at the rate of about one per month.
