Carrefour Egypt to open nine new stores this year

INVESTMENT WATCH- Carrefour Egypt to open nine new locations at a cost of EGP 200 mn this year: Majid Al Futtaim (MAF)-owned supermarket chain Carrefour Egypt is spending EGP 200 mn to open nine new stores in Cairo and Alexandria before the end of the year, the chain’s Egypt country manager Jean Luc Graziato said at a press conference yesterday, Reuters reports. The new branches will bring the company’s total number in the country to 63. The plan comes despite the covid-19 pandemic reducing consumer footfall at the supermarket’s physical locations, causing sales to fall 18-20%. Now, with the easing of the government’s lockdown restrictions, Graziato said that the company is beginning to see a return to pre-covid conditions.