Carrefour to enter Iran by 2008

The French mega-store chain is looking to add Iran and Syria to its list of international locations, including Italy, Turkey, and Japan (pictured).

French retailer Carrefour has confirmed that Majid Al Futtaim Retail, its franchise operator in the Middle East, is looking at Iran and Syria as possible markets for expansion of the hypermarket group.

"MAF Retail is studying different markets across the region to expand its operations, including Iran and Syria," a spokesperson for Carrefour said.

While Carrefour refused to reveal further details, sources close to the company said that the group's first Iranian outlet is expected to open in mid-2008 in Tehran, and added that Carrefour is already in discussions with some of its key suppliers to determine which products will be available at the store.

The source added that Carrefour is likely to perform well in the Iranian market, partly because it will have the advantage of being the first hypermarket operator in the country. "A lot of people are viewing what will be the outcome, but it will be the advantage of the first mover. Whoever moves first will have the advantage to lead the market. That is what Carrefour is doing," he said.

Meanwhile, a possible move by Carrefour into Syria has been rumoured since last December, when Majid Al Futtaim Group announced plans to invest more than US $2 billion in Syria's Sabboura district, an area located on the outskirts of Damascus.

This mixed-use urban development, which will cover some 200,000 sq m, is expected to become a major tourist destination with 350 retail outlets, entertainment, restaurants and hotels, according to Majid Al Futtaim Group.

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