Carrefour has established a new subsidiary, called “Carmila” which incorporates 171 shopping centers in France, Spain and Italy. Carrefour owns 41% of the subsidiary’s shares and the rest are held by investment groups.

Carmila has over 800,000 square meters of retail space with an equity value of EUR 2.7 billion. Carmila will operate 171 malls, out of which 78% will be assigned in France, 14% in Spain and 8% in Italy. The subsidiary was established with a capital of  EUR 1.8 billion ( EUR 800 million from Carrefour and 1 billion from the rest of investors) along with EUR 900 million from credit lines.

According to  Carrefour’s medium term plan, the retailer will spend EUR 700 million on Carmila’s marketing plan which includes the modernization of their stores and the introduction of  new brands for their galleries, along with their expansion plan which includes the completion of  their 40 projects and the acquisition of new shopping malls in Europe which will join Carrefour’s hypermarkets. 

Source: www.kantarretailiq.com