Carrefour source denies chain plans to exit market
<p><span word="Download">Download</span></p><p><span word="France">France</span>-<span word="based">based</span> <span word="Carrefour">Carrefour</span> <span word="SA">SA</span>, <span word="the">the</span> <span word="world">world</span>'<span word="s">s</span> <span word="second">second</span> <span word="largest">largest</span> <span word="retailer">retailer</span> <span word="by">by</span> <span word="revenue">revenue</span>, <span word="denied">denied</span> <span word="on">on</span> <span word="Tuesday">Tuesday</span> <span word="that">that</span> <span word="it">it</span> <span word="is">is</span> <span word="considering">considering</span> <span word="selling">selling</span> <span word="its">its</span> <span word="China">China</span> <span word="business">business</span>.</p><p>"<span word="It">It</span>'<span word="s">s</span> <span word="a">a</span> <span word="fake">fake</span> <span word="story">story</span>," <span word="said">said</span> <span word="a">a</span> <span word="source">source</span> <span word="close">close</span> <span word="to">to</span> <span word="Carrefour">Carrefour</span> <span word="China">China</span>. "<span word="Similar">Similar</span> <span word="rumors">rumors</span> <span word="circulated">circulated</span> <span word="last">last</span> <span word="year">year</span>."</p><p><span word="According">According</span> <span word="to">to</span> <span word="The">The</span> <span word="Wall">Wall</span> <span word="Street">Street</span> <span word="Journal">Journal</span>, <span word="the">the</span> <span word="French">French</span> <span word="retail">retail</span> <span word="giant">giant</span> <span word="is">is</span> <span word="exploring">exploring</span> <span word="the">the</span> <span word="sale">sale</span> <span word="of">of</span> <span word="its">its</span> <span word="operations">operations</span> <span word="in">in</span> <span word="the">the</span> <span word="Chinese">Chinese</span> <span word="mainland">mainland</span> <span word="and">and</span> <span word="Taiwan">Taiwan</span>, <span word="as">as</span> <span word="well">well</span> <span word="as">as</span> <span word="planning">planning</span> <span word="an">an</span> <span word="initial">initial</span> <span word="public">public</span> <span word="offering">offering</span> <span word="in">in</span> <span word="Hong">Hong</span> <span word="Kong">Kong</span> <span word="that">that</span> <span word="would">would</span> <span word="raise">raise</span> <span word="about">about</span> $1 <span word="billion">billion</span>.</p><p><span word="The">The</span> <span word="source">source</span> <span word="declined">declined</span> <span word="to">to</span> <span word="comment">comment</span> <span word="on">on</span> <span word="listing">listing</span> <span word="plans">plans</span>.</p><p>"<span word="China">China</span> <span word="is">is</span> <span word="a">a</span> <span word="very">very</span> <span word="important">important</span> <span word="market">market</span> <span word="for">for</span> <span word="Carrefour">Carrefour</span>. <span word="The">The</span> <span word="country">country</span>'<span word="s">s</span> <span word="current">current</span> <span word="economic">economic</span> <span word="situation">situation</span> <span word="may">may</span> <span word="pose">pose</span> <span word="some">some</span> <span word="difficulties">difficulties</span> <span word="for">for</span> <span word="retailers">retailers</span>, <span word="but">but</span> <span word="that">that</span> <span word="does">does</span> <span word="not">not</span> <span word="prevent">prevent</span> <span word="a">a</span> <span word="continued">continued</span> <span word="expansion">expansion</span> <span word="of">of</span> <span word="Carrefour">Carrefour</span> <span word="in">in</span> <span word="China">China</span>," <span word="Thierry">Thierry</span> <span word="Garnier">Garnier</span>, <span word="president">president</span> <span word="and">and</span> <span word="chief">chief</span> <span word="executive">executive</span> <span word="of">of</span> <span word="Carrefour">Carrefour</span> <span word="China">China</span>, <span word="said">said</span> <span word="during">during</span> <span word="the">the</span> <span word="Fortune">Fortune</span> <span word="Global">Global</span> <span word="Forum">Forum</span> <span word="this">this</span> <span word="month">month</span>.</p><p><span word="At">At</span> <span word="that">that</span> <span word="time">time</span>, <span word="the">the</span> <span word="retailer">retailer</span> <span word="said">said</span> <span word="it">it</span> <span word="would">would</span> <span word="enter">enter</span> 30 <span word="new">new</span> <span word="Chinese">Chinese</span> <span word="cities">cities</span> <span word="in">in</span> <span word="the">the</span> <span word="next">next</span> <span word="three">three</span> <span word="years">years</span>, <span word="especially">especially</span> <span word="cities">cities</span> <span word="in">in</span> <span word="the">the</span> <span word="central">central</span> <span word="and">and</span> <span word="western">western</span> <span word="areas">areas</span>.</p><p>"<span word="Hypermarkets">Hypermarkets</span> <span word="in">in</span> <span word="big">big</span> <span word="cities">cities</span>, <span word="such">such</span> <span word="as">as</span> <span word="Beijing">Beijing</span> <span word="and">and</span> <span word="Shanghai">Shanghai</span>, <span word="have">have</span> <span word="been">been</span> <span word="well">well</span> <span word="developed">developed</span>. <span word="Retail">Retail</span> <span word="giants">giants</span> <span word="will">will</span> <span word="look">look</span> <span word="for">for</span> <span word="emerging">emerging</span> <span word="markets">markets</span> <span word="in">in</span> <span word="central">central</span> <span word="and">and</span> <span word="western">western</span> <span word="areas">areas</span>, <span word="where">where</span> <span word="they">they</span> <span word="can">can</span> [<span word="take">take</span> <span word="advantage">advantage</span> <span word="of">of</span>] <span word="lower">lower</span> <span word="costs">costs</span> <span word="and">and</span> <span word="rising">rising</span> <span word="purchasing">purchasing</span> <span word="power">power</span>," <span word="said">said</span> <span word="Peng">Peng</span> <span word="Jianzhen">Jianzhen</span>, <span word="deputy">deputy</span> <span word="secretary">secretary</span>-<span word="general">general</span> <span word="of">of</span> <span word="the">the</span> <span word="China">China</span> <span word="Chain">Chain</span> <span word="Store">Store</span> & <span word="Franchise">Franchise</span> <span word="Association">Association</span>.</p><p><span word="Garnier">Garnier</span> <span word="added">added</span> <span word="that">that</span> <span word="Carrefour">Carrefour</span> <span word="will">will</span> <span word="maintain">maintain</span> <span word="an">an</span> <span word="expansion">expansion</span> <span word="pace">pace</span> <span word="of">of</span> <span word="about">about</span> 20 <span word="to">to</span> 25 <span word="new">new</span> <span word="outlets">outlets</span> <span word="in">in</span> <span word="China">China</span> <span word="each">each</span> <span word="year">year</span>.</p>
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