A week after announcing that the opening of a shopping centre would see the addition of the first Carrefour in Lebanon, UAE-based Majid Al Futtaim (MAF) is set to take the Carrefour brand into Armenia.
Armenia ‘part of MAF’s development strategy’
After much speculation that Majid Al Futtaim was looking to expand into Armenia, Marc Corbion, the company’s executive regional director for Armenia, Georgia, Iran, Kazakhstan and Pakistan confirmed that the company had signed a Memorandum of Understanding with Armenia to establish the first Carrefour hypermarket in Yerevan. Corbion gave no indication of timescales for the company’s entrance into the market.
New market entries build MAF presence
At the end of 2012 Majid Al Futtaim operated Carrefour branded stores in 12 markets, with Armenia and Lebanon set to take this to 14 at some point in the future. As part of the company’s 2012 results announcement, the company’s chief executive, Iyad Malas, confirmed that it was continuing to search for expansion opportunities.