Carrefour to open 15 new hypermarts in China

Carrefour SA, the world's second-largest retailer by revenue, is expected to open 15 new hypermarkets in China this year and roll out more "convenience stores" aimed at customers in local communities, according to the company's top executive in the country.

Thierry Garnier, executive director of Carrefour China, said in Shanghai on Thursday that its latest multi-format strategy, which also includes an expansion of its e-commerce business and a new operational structure, is being created in an effort to regain ground in a market that had been affected by what he called a "frugal consumption environment".

According to the financial report for last year, an expansion of outlets in China managed to generate organic growth of 2.5 percent, while sales fell by 5.3 percent.