A worker serves a customer inside the Carrefour hypermarket at the Two Rivers Shopping Mall in Nairobi, Kenya. File photo/Reuters
Carrefour will open its first store in Uganda this year, expanding in the region after a successful launch in neighbouring Kenya, the Dubai-based operator of the French retailer's outlets said on Tuesday.
Majid al Futtaim (MAF), a United Arab Emirates-based mall developer that holds Carrefour franchise rights in 37 countries, opened its first store in Kenya in 2016, securing rapid growth in a country where just 30 per cent of retail transactions take place on the formal market.
MAF has already secured space at a large mall in the Ugandan capital Kampala and has hired 150 workers ahead of the launch of the store, said Hani Weiss, CEO of MAF Retail in a statement.
“This announcement brings us a step closer towards realizing our long-term expansion plan for East Africa. Uganda is considered one of the fastest growing economies in Africa,” Weiss said.
A second store in the Ugandan capital will be opened early next year, he said.
Sharjah and Uganda have discussed prospects of cooperation and ways to further boost their bilateral relations in the economic and investment sector.
Schneider Electric has revealed the deployment of its EcoStruxure Facility Advisor solution, which helps monitor energy use and asset availability and enhance efficiency, across 19 Carrefour stores in Egypt, operated by Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer in the Middle East, Africa and Asia.
Shares in France’s Carrefour rose on Monday after it became the latest Western retailer to retreat from the Chinese market as fierce competition from domestic rivals and a growing online market puts pressure on foreign firms.
London's benchmark FTSE 100 index was up 1.0 per cent, in the eurozone, Frankfurt won 0.9 per cent and Paris climbed 0.8 per cent.
Spot gold was up 0.8% at $2,033.86 per ounce by 0655 GMT, after hitting a record high of $2,036.49. US gold futures rose 1.4% to $2,049.30.
The benchmark Nikkei 225 index slipped 0.26 per cent, or 58.81 points, to end at 22,514.85, while the broader Topix index inched down 0.04 per cent, or 0.55 points, to 1,554.71.
Brent crude was up by 31 cents, or 0.7%, at $44.74 a barrel by 0713 GMT. The contract rose 0.6% on Wednesday to its highest close since March 6. West Texas Intermediate oil was up by 26 cents, or 0.6%, at $41.96 a barrel. The contract ended Tuesday trading 1.7% higher, its highest close since late July.