Carrefour exits Singapore

Is Malaysian operation next to close?

"Carrefour Singapore announces the decision to close its Suntec and Plaza Singapura stores before end of 2012, since expansion and growth perspectives do not allow reaching a leadership position in the medium and long term." The company said in a press release this morning.

The French company first opened store in Singapore in 1997. Its two local outlets have contributed €85 million in revenue in 2009.

The move was already anticipated as the company mentioned in 2010 plans to leave the country along with Malaysia and Thailand.

It’s Thailand operation where it had 42 outlets including 34 hypermarkets were sold for €868m in November 2010 to Thai chain big C.