According to International Finance News, Walmart supermarket’s first grand location, Walmart Honghu in Shenzhen, will close permanently on Dec. 7. In recent years, Walmart has closed nearly 100 stores in Mainland China.
According to Jiemian News, citing a report on Dec. 5, Carrefour closed 14 stores in the first two months of this year due to bad business.
The source said that three Carrefour stores in Zhejiang province, Hunan province, and Sichuan province closed from September to November.
In this era of abundant live-streaming sales, the series of store closings is just a matter of time.
Carrefour is known as a “Giant” in the retail industry in China and was one of the first major retail groups to enter China. In 1995, Carrefour opened its first shopping mall in Mainland China. By 2010, the number of stores has reached 249.
In 2012, Carrefour established a local CCP organization at the Beijing branch. It is the first foreign retailer to have a Communist Party local system inside the company.