Carrefour Announces Modest Argentine Investment

Retail giant Carrefour has announced plans to invest up to ARS250mn (US$65mn) in Argentina during 2010 to open 23 stores. The move comes as the country shows signs of rebounding from an economic downturn caused by the global financial crisis, which temporarily curbed consumption and hit sales at the country's major retailers. However, the investment would be less than the average amount invested during 2006 and 2009, when Carrefour directed a total of ARS1.25bn towards the country, suggesting that it may be unsure of the long-term growth trajectory of the country's mass grocery retail (MGR)

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