Carrefour boss Georges Plassat has filled the grocer’s coffers over the past two years thanks to a rationalisation of its international assets, allied with improved performance in a number of markets.

Carrefour boss Georges Plassat has filled the grocer’s coffers over the past two years thanks to a rationalisation of its international assets, allied with improved performance in a number of markets.

Pressured consumer spending and fierce price competition meant a substantial number of smaller retailers found themselves caught between a rock and a hard place.

That creates a favourable environment to leverage Carrefour’s reinvigorated footing and accrue assets in still-depressed European markets in a bid to tighten gaps in its network.

By securing the final few shares in Carcoop’s (its joint venture with Co-op Atlantique) handful of French stores, the retailer consolidated its organisational structure.

Externally Carrefour seems to have entered a sort of pan-European trolley dash, as illustrated by the purchase of RAST supermarkets in Poland and the larger Co-op Alsace in France.

In Italy, Carrefour added some 50 Billa stores from Rewe Group, demonstrating eagerness to opt for selective acquisitions with high potentials rather than large, ailing networks in their entirety.

It is possible Carrefour could embark on a similar strategy in Spain, where grocer Eroski recently posted an annual loss for the sixth year running and Dia acquired El Arbol this month.

Opportunities could arise even in consolidated markets such as Belgium where, after years of restructuring, Carrefour could evaluate cautious expansion into untapped regions.

Furthermore, the severe restructuring of Louis Delhaize’s Cora network could provide some juicy morsels to be snapped up should a few stores be divested.

Last but not least, the return of the prodigal Dia French discount stores clearly has significant resonance. It shows in stark relief just how Plassat has methodically undone every one of his predecessor’s major projects, including Dia’s spin-off in 2011.

The scope of Dia’s 850-plus stores represents a significant opportunity to strengthen Carrefour’s threatened domestic market leadership. If approved, integration of the retailers could equate to more than 20 times last year’s net store openings under all Carrefour France banners.

The network could also be converted to other formats.

After Spain, and with Romania and perhaps Brazil next in line, there is even potential for some of the larger Dia stores to be used to experiment with Supeco discount supermarkets domestically.