Carrefour dumps its Japan operations

[Taro Toporific]

Carrefour plans Japan divestiture - report
Investor's Business Daily, Oct 11
By CBS MarketWatch. SAN FRANCISCO (CBS.MW) -- Carrefour is looking to sell its operations in Japan to generate cash, according to a report published Tuesday. ...

[Mulboyne]

Taro's link looks like it has expired. Here's a fresh one plus one from Reuters. Great story.

CBS Marketwatch: Carrefour plans Japan sale
Reuters:Carrefour to sell Japan unit to raise cash

[devicenull]

SERIOS REPLYS ONLY, IM FUCKING CRYING HERE

Of course, this might mean that they will have more in china than they do now, which would be good, because while i know nothing about thier japan operations, their chinese stores own

[Caustic Saint]

Their stores in Korea are top-notch as well. I did probably 80% of my shopping in Korea at CF stores - groceries, clothes, household stuff and most anything else you can imagine all under one roof.

I've only seen one in Japan, and that was on a drive through Chiba, so I didn't go inside. Do they even have that many locations here?

[katakori]

yeah, no wonder. who goes there? i hope for ikea that when they come they won't think makuhari messe is a wonderful place and decide to establish themselves there...

[Mulboyne]

From the little I know, the sale doesn't necessarily mean the Carrefour stores are failures. The main reason for the sale is that they need cash at home.
Since they don't have any money then they may have decided that they didn't have enough to support the next stage of development in Japan. In that case, it's possible that management decided that the best move to improve the overall balance sheet would be to sell while there are willing buyers and the stores are above water.
They may also be thinking that the challenges their formats face in Europe and US will come to Asia and so the may not want to spread themselves too thin. Carrefour bought real estate for the stores and that may even have gone up a little so they may hope to get out relatively cleanly.
Its fascinating how mass market retailing seems so difficult to get right in Japan. Foreign success stories seem to have been fast food (KFC, McDonalds, Starbucks) luxury brand (Gucci, Coach, Prada, LV) or mid-price fashion (Gap, Eddie Bauer, Zara). Toys 'R' Us started well but has been struggling of late. Virgin Records closed. Tower Records is now a Japanese company. It's too early to tell about Wal Mart but the list of Japanese casualties is also pretty impressive - Sogo, Mycal (formerly Nichii), Seiyu (sold to Wal Mart), Yaohan all gone. Mitsukoshi and Marui shutting stores while Seibu and Daiei are on the skids.
It looks a little like the life insurance market. Many of the Japanese incumbents are bust so foreign firms, attracted by a large affluent population, started up operations and even bought some of the bust companies. Fast forward a few years and GE, Artemis, Manulife have all sold up/given up with a good chance that others will follow.

[Taro Toporific]

I've only seen one in Japan, and that was on a drive through Chiba, so I didn't go inside. Do they even have that many locations here?

There's a Carrefour in Machida at the Highway 246 - Route 16 interchange.

Good place --- farkquing French prices.

French prices with additional 20% Japanese ass-reaming surcharge added. Carrefour is remarkable in it's "Japaneseness": It's stores are packed with overpriced Japanese products, fraudulant over-pricing of cheese, gaijin management speaks Japanese....


I take it that Carrefour China and Korea don't include rape as part of their business plan, do they?

[kamome]

I loved my one shopping experience at the Carrefour near Tama Plaza. They had all the stuff I needed. And shipping it back to my place in Tokyo was far cheaper than I thought it would be.

[Captain Japan]

I loved my one shopping experience at the Carrefour near Tama Plaza. They had all the stuff I needed. And shipping it back to my place in Tokyo was far cheaper than I thought it would be.

At the Chiba store I found the following liquor price comparisons (converted at 100 yen to the dollar):

Suntory Old Whiskey $16.80 ($14.80 at a typical Chiba liquor store), Chivas Regal (12-Year) $26.80 ($19.80), Jack Daniels Whiskey $19.80 ($14.80), Hennessy X.O Cognac $130.00 ($98.00). Sapporo Brau $7.85 ($6.80) for a 6-pack, Suntory Hops $7.85 ($6.80).

This was all as of December 2000.

[dingosatemybaby]

I loved my one shopping experience at the Carrefour near Tama Plaza. They had all the stuff I needed. And shipping it back to my place in Tokyo was far cheaper than I thought it would be.

At the Chiba store I found the following liquor price comparisons (converted at 100 yen to the dollar):

Suntory Old Whiskey $16.80 ($14.80 at a typical Chiba liquor store), Chivas Regal (12-Year) $26.80 ($19.80), Jack Daniels Whiskey $19.80 ($14.80), Hennessy X.O Cognac $130.00 ($98.00). Sapporo Brau $7.85 ($6.80) for a 6-pack, Suntory Hops $7.85 ($6.80).

This was all as of December 2000.

I can confirm those Chiba Carrefour prices! Two caveats: watch out for the staff-on-skates, and avoid the three-bottles-of-wine-for-1000-yen special.

[kamome]

I loved my one shopping experience at the Carrefour near Tama Plaza. They had all the stuff I needed. And shipping it back to my place in Tokyo was far cheaper than I thought it would be.

At the Chiba store I found the following liquor price comparisons (converted at 100 yen to the dollar):

Suntory Old Whiskey $16.80 ($14.80 at a typical Chiba liquor store), Chivas Regal (12-Year) $26.80 ($19.80), Jack Daniels Whiskey $19.80 ($14.80), Hennessy X.O Cognac $130.00 ($98.00). Sapporo Brau $7.85 ($6.80) for a 6-pack, Suntory Hops $7.85 ($6.80).

This was all as of December 2000.

OK, but I never said I went liquor shopping at Carrefour. If I decide to spend a day schlepping up to Tama Plaza from central Tokyo and back, it's to buy things I normally can't get in the city.

[Taro Toporific]

OK, but I never said I went liquor shopping at Carrefour...it's to buy things I normally can't get in the city.

Carrefour has tried the LEVIS scam---they've positioned themselves as an upscale brand with jacked up prices. They got a fine selection of cheese and pricey wine.

My problem is I expect better prices from a foreign store without the DIE-DIE-DIE-DOGSHIT layers of Japanese middlemen.

[Taro Toporific]

Carrefour plans Japan divestiture - report
Investor's Business Daily, Oct 11
By CBS MarketWatch. SAN FRANCISCO (CBS.MW) -- . ...

UPDATE...

Carrefour denies claims of Wall Street Journal and other press
AFP / OCTOBER 13, 2004-- Carrefour SA, Paris, has denied all claims that it will sell its operations in Japan, according to World AFP. The sale was supposed to generate $400 million to cover losses from its European market, according the Wall Street Journal, but Loic Dubois, president of Carrefour Japan Co. Ltd., stated through his press office, "Carrefour Japan will not withdraw from the Japanese market."

[Mulboyne]

Rumours are back about a sale. No link but "sources over the weekend" say a withdrawal is being considered and the same buyers - Wal-Mart, Tesco, Aeon - are in the frame.

[Taro Toporific]

[Mulboyne]

It's Groundhog Day. Carrefour is denying the story again.
http://sg.biz.yahoo.com/041122/3/3opti.html

[Taro Toporific]

It's Groundhog Day. Carrefour is denying the story again.
http://sg.biz.yahoo.com/041122/3/3opti.html

It's almost the Ides of March and yond Aeon "has a lean and hungry look"

Japans's Aeon "in talks" with Carrefour after report it plans to buy stores
TOKYO(AFP)/ Wednesday March 09, 2005
Japan's largest retailer Aeon said it has been in "talks" with Carrefour of France France following a report that it was planning to buy the French retailer's eight Japanese outlets....more...

[CAkOS]

I often go to the machida carrefour and it is nice. Not as nice as the French Carrefour but I can find everything I need..and cheap.

[Taro Toporific]

Carrefour Profits Fall 15 Percent
Forbes - March 10
... "Let's be honest, Japan was a short, expensive adventure for us," said Carrefour's newly appointed Chief Executive Jose Luis Duran. The company lost about euro250 million (US$333.65 million) during its four years in the country, and "that's why we took the decision we did," he said....
....The company announced that it has agreed to sell eight Japanese hypermarkets to Japanese retailer Aeon Co.......more...

[devicenull]

You should see the buttfuckery that goes on in China, I wonder if they did the same in Japan. Sure, they have foreign products, imported and everything.... but who the hell is going to buy cream of mushroom/corn soup? They import dogfood as well. The spice section has nothing of any value in it either. Sometimes they get in what we want, but it sells out immeditely and they dont restock it till all the other crap we hate is sold. It makes me want to stab them