International News - Carrefour earmarks US$175m for Brazil

Carrefour is to treble the amount it is investing in Brazil this year, as it steps up its store opening programme in the country.

The French grocer is to inject US$175 million (£112 million) into opening approximately 13 stores this year - eight hypermarkets and five supermarkets.

Carrefour has 79 hypermarkets in Brazil and 114 supermarkets under the Champion banner. Because of the difficult economic climate in South America, Carrefour has only opened seven stores in Brazil in the past three years.

The retailer lost its number one position in Brazil to local player Companhia Brasileira Distribuicao (CBD) in 2000. CBD had pursued an acquisition route to expand, while Carrefour continued to search for properties and grow organically.