Majid Al Futtaim, a Carrefour franchise holder, has reached a deal to take over six stores in Uganda from South African retailer Shoprite, according to sources on Wednesday.
25th AUg 2021 Shoprite, South Africa’s largest supermarket retailer on the African continent announced that it would be closing its business in Madagascar and Uganda after 2 decades of operation in the East African Country.
Major reasons given for Shoprite’s closure of business this long even after Other Big chain Supermarkets had shut already; Currency devaluations, lower commodity prices and high inflation hit household incomes weighed on their earnings.
Who Are Carrefour
Carrefour, one of the largest hypermarket chains in the world was introduced to the Middle East and North Africa (MENA) market in 1995 by Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across MENA.
Carrefour has become the most dynamic, fast-moving and exciting hypermarket chain in the region and shared its growth with more than 38,000 employees from more than 70 nationalities in 15 countries, providing shoppers with variety and value-for-money.
Carrefour in Uganda
Carrefour opened its first outlet in Uganda in 2019. Currently there are two Carrefour branded stores in the country.
Majid Al Futtaim, which is a United Arab Emirates-based mall developer that holds Carrefour franchise rights in dozens of countries, said it had signed an agreement with Shoprite to take the Ugandan stores by the end of this year. It did not disclose the value of the deal.
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