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« Downward Trend Expected in Retail Rentals for 2 More Years | Home | Delhi to have Real Estate Regulator by Year-End »

Carrefour Plans to come up with 4-5 Retail Stores in India by end-2010

Carrefour, the world’s second largest retailer, has secured four properties in four cities across India and plans to set up 4 to 5 cash-and-carry stores by the end of 2010, two sources with direct knowledge of the matter told Reuters.

The French retail giant has signed for properties averaging about 100,000 square feet each in New Delhi, Bangalore, Chennai and Hyderabad and is in the process of signing up a fifth property in Mumbai, the sources said.

The first outlet is set to be opened in July in New Delhi, where it has signed a 20-year lease with real estate developer Parsvnath Developers for 100,000 square feet of space, other sources with direct knowledge of the matter said.

The company has set up two entities in India, Carrefour WC&C India Pvt Ltd to run cash-and-carry business and Carrefour Master Franchise Company Pvt Ltd for its retail business.

Indian regulations do not allow foreign direct investment in multi-brand retail, although foreign retailers can set up cash-and-carry outlets on their own.

News Published Under:   Bangalore, Chennai, Delhi, Gurgaon, Hyderabad, Real Estate India | No Comments »

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