Carrefour, the global retail giant, has announced its first foray into central Asia with the opening of new stores in Uzbekistan via its partnership with UAE-based conglomerate Majid Al Futtaim.
Carrefour said it was planning to open three supermarkets and one hypermarket in the Uzbek capital Tashkent in 2020, followed by another two supermarkets and one hypermarket in 2021.
Commenting on the move, Patrick Lasfargues, Carrefour executive director for international partnerships, said: “We are delighted to be bringing our stores and products to Uzbekistan via our long-standing Partnership with the Majid Al Futtaim group. With our support, our Partner is implementing an active strategy to grow Carrefour’s network in the countries in which it is well established, as well as new ones where its expertise will help it quickly establish itself as market leader”.
Uzbekistan’s food sector is enjoying fast growth and should be worth around $5 billion in Tashkent by 2023, the company added.
“Uzbekistan struck us as an ideal market to introduce the Carrefour name – it is enjoying fast economic growth and there is consumer demand for a modern form of retail”, said Hani Weiss, managing director of Majid Al Futtaim – retail. “We see Uzbekistan as a stepping stone to the rest of the central Asian market”.