Carrefour SA Chief Executive Officer Georges Plassat said he still sees “opportunities” in Europe amid the debt crisis, which he predicts will have an effect on domestic consumption for as long as five more years.
“In Europe, the average revenue per capita is still the highest in the world,” Plassat said today in a speech at the World Retail Congress in Paris. “We will certainly go through the difficult period we are facing today within the next four-to-five years.”
Carrefour, France’s biggest retailer, is focusing on Europe, Latin America and China after retrenching from markets where it viewed its prospects as weak, Plassat said. First-half profit rose 4.9 percent as lower prices and refurbished stores spurred a revival in its domestic market, more than offsetting soft demand in southern Europe.
There is still room for hypermarkets, Plassat said of Carrefour’s biggest store format, adding: “I am totally convinced that clicks and mortar is the future.”