Carrefour to exit Japan
Aeon to acquire eight-store business
Aeon, Japan’s biggest retailer, has agreed a deal to acquire Carrefour’s eight stores in the country.
Carrefour’s decision to exit the Japanese market four year after it opened its first store is in line with its strategy to focus on high-growth territories. The Japanese market has traditionally proven a tough nut for foreign retailers to crack, and a recent dive in consumer spending, which is only just starting to recover, has made it even less attractive.
Both Wal-Mart, which has a stake in Japanese retailer Seiyu, and Tesco, which entered the market in 2003 with the acquisition of c-store chain C-Two Network, are understood to have talked to Carrefour about acquiring the stores, valued at about $300m.
Aeon has more than 1,000 general merchandise and supermarket outlets in Japan, and has been looking at acquisitions as Japanese consumers start to show signs of stronger confidence.
Carrefour described the deal as “strategic partnership”, with Aeon taking on the right to use the Carrefour brand in Japan. The two retailers plan to collaborate “on selected commercial concepts” and Aeon will sell Carrefour private label products in Carrefour-branded Japanese stores, and other Carrefour brands across all its stores.
