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Carrefour to restructure
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Winton Dong
CARREFOUR will merge its three branches in Shenzhen and form a new retailing company.
Chen Yaodong, visiting vice-chairman of Carrefour in China, told Vice-Mayor of Shenzhen Wang Suiming when they met yesterday.
According to Chen, the new company based in Shenzhen will be responsible for the business not only in Shenzhen but also in other cities within the Pearl River Delta area.
The French retailer is now negotiating with the Shenzhen Municipal Government and local partners for the restructuring details and the whole process is expected to be finished in three months.
The three branches are Nantou store, Meilin store and Zhenhua store, which is now under construction.
Carrefour last year totally purchased US$1 billion worth of products from China for exporting, among which US$700 million was bought from Shenzhen.
Based on its surging businesses in Shenzhen, Carrefour is now planning to build its South China purchasing centre in the city. Such a move will give new impetus for the development of the tertiary sector in Shenzhen.
As the world's second largest retailer only after Wal-Mart, Carrefour, the first foreign retailer entering China, now boasts 27 stores in 15 Chinese cities.
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