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French retailer Carrefour steps up digital push -Breaking

© Reuters. FILEPHOTO: Carrefour’s logo on shopping trolleys at Sao Paulo in Brazil, July 18, 2017 REUTERS/Paulo Whitaker

PARIS (Reuters) – French supermarket group Carrefour (PA:), Tuesday’s pledge to invest 3 billion euros (3.47 billion dollars) in digital commerce expansion between 2022-2026, as part of the strategy its boss Alexandre Bompard has been developing.

The largest European food retailer stated that this will represent an increase of 50% over similar investments made in the past, which totalled 600 million euros annually.

Carrefour has increased its annual target for investment to 1.7 Billion Euros, which is the upper end of an estimated 1.5-1.7 Billion range. This information was communicated early in 2021.

The main driver of the company’s online push will be its acceleration of ecommerce, ramp-up data and retail media, and digitalisation financial services. As Europe’s largest food retailer seeks to keep an edge on Amazon (NASDAQ:), and its turnaround.

Carrefour’s announcement was made in a statement before the Digital Day, which is being held with investors.

Alexandre Bompard is the chairman and chief executive officer of the organization. He has held this position since July 2017; he was re-elected in May to a three-year extension.

Without the financial resources of two unsuccessful tie-ups in this year’s Canada and France, he will have to conduct the Carrefour turnaround’s second leg.

Bompard is expected to announce his new strategy plan soon.

($1 = 0.8655 euros)

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.