Carrefour Boss Says ‘Low Cost’ Retail Push a Damaging Trend
“We have to be competitive. In all countries price is crucial,” said Chairman and Chief Executive Georges Plassat, whose company has more than 10,000 stores across 33 countries in Europe, Asia and Latin America.
“But I say this: the systematic prioritization of the low cost model and the never-ending hunt for cost reductions is destroying jobs and value.”
Plassat was speaking ahead of the company’s annual shareholders’ meeting on Thursday. He also reaffirmed that the company has no intention of splitting the chairman and CEO roles.
Privately held Germany-based discounters Aldi and Lidl have wooed customers with their low prices, putting pressure on big global retailers like Carrefour, Tesco and Metro.
Reuters
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Source: The Jakarta Globe
