Carrefour will invest $12.64 million in Egypt branch openings before year-end

Carrefour, Europe’s largest retailer, plans to invest around 200 million Egyptian pounds ($12.64 million) to open nine more branches across Egypt before the end of the year, its country manager said on Monday.

The coronavirus pandemic has affected the French retailer’s sales in Egypt, Jean Luc Graziato told Reuters, adding that the fall ranged between 18 percent and 20 percent.

Graziato said Carrefour is adding new locations in Cairo and Alexandria to reach a total network of branches up to 63 by the end of 2020.

It has also set a new higher target for its online sales in Egypt for the coming period to be 10-15 percent growth instead of a current 4-5 percent, he added.