French retail giant Carrefour is to open in October the first two of twelve new Brazilian stores the company has planned for this year.
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The two stores, which are both hypermarkets situated in central Brazil, will require an investment of R60m (US$20.3m), representing around 10% of Carrefour Brazil’s capital spending budget for 2003, reported Dow Jones News, citing daily paper Gazeta Mercantil.
Carrefour plans to invest more money this year in its Brazil operations after Companhia Brasileira de Distribuicao (CBD) overtook Carrefour to become the country’s biggest retailer two years ago.
The two rivals are both expected to be interested in the Brazilian assets of troubled Dutch retail giant Royal Ahold. The Ahold stores are located in northeast Brazil, where Carrefour has only a small presence.
