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Issue #582

07.10.11 - 13.10.11

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Carrefour to open first hypermarket in Georgia

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France’s Carrefour, the world’s second-biggest retailer, plans to open its first hypermarket in Georgia.

Carrefour signed an agreement with the United Arab Emirates’ (UAE) real-estate developer Rakeen Development pertaining to the opening of the hypermarket in Tbilisi Mall.

“The precise date Carrefour will start operation is not defined yet,” Rakeen Development’s spokeswoman told Georgia Today.

According to the preliminary information of the spokeswomen, there are no more details about the project at this time.

The retail market of Georgia is represented by several local networks; the biggest of them is Populi, which unites 45 shops.

Carrefour, one of the most high-profile retailers in the world, entered the Russian market in 2009, but pulled out of the country only four months after gaining a foothold in what was once one of Europe’s fastest growing retail markets.

With more than 1,395 hypermarkets worldwide, Carrefour is the second largest retail group in the world in terms of revenue and third largest in terms of profit after Wal-Mart and Tesco. Carrefour operates mainly in Europe, Argentina, Brazil, China, Taiwan, Colombia, Dominican Republic, and in Saudi Arabia, but also has shops in North Africa and other parts of Asia, with most stores being of smaller size than the hypermarket or even supermarket.

Tbilisi Mall, previously known as Uptown Tbilisi is a unique mixed-use development, spread over 72,836 sqm and consisting of a shopping mall, residential apartment complexes and an office tower. One of Rakeen’s most premier projects in Georgia, Tbilisi Mall is capitalising on the country’s surge in economic growth, meeting the demand for high-quality real estate.

By Tamar Khurtsia

6.10.2011

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