By Li Woke (China Daily)
13:27, August 30, 2012
Carrefour SA, the world's second-largest retailer by revenue, has assured that its exit from Singapore will not affect its operations in the Chinese market.
Carrefour China's public relations department said on Wednesday that the company will continue its development in China.
Gong Bo, an industry analyst at Beijing United Innovation Capital Ltd, said: "The company will not leave China in the short term, as China is still a promising market for retailers. Other global markets have been greatly affected by the economic crisis, but China just showed a certain level of economic slowdown."
By April, the retailer, which entered the Chinese mainland in 1995, had as many as 206 stores in 64 cities. And industry experts said the mainland's retail sector will be the most compelling market for the next decade.
Euromonitor International, a London-based consumer market research firm, said the Chinese retail industry is expected to have a market value of more than $1.4 trillion this year.
Carrefour said on Tuesday it was pulling out of Singapore with the closure of its two existing outlets in the city-state by the end of this year.
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