Carrefour Sticking With Organic Expansion
Wuhan, China, French retailer Carrefour’s chief executive said the chain has no interest in making a major acquisition in China in response to Wal-Mart’s reported expansion plans in that country, according to a Reuters report.
“We are more interested in organic growth and we will not deviate from that,” said CEO Jose Luis Duran. His comments came while speaking to a small group of reporters during a business visit to China.
Various sources have reported Wal-Mart is planning to buy Taiwan’s Trust-Mart, which would more than double its retail presence in China.
The Bon-Ton to Buy Parisian Stores
York, Pa., The Bon-Ton Stores Inc. said Wednesday it agreed to pay $22 million in cash for four Parisian department stores and the rights to build a fifth one from privately held department store retailer Belk Inc.
The four stores are located in Michigan, Ohio and Indiana, and generated sales of more than $90 million in fiscal 2005. The fifth store will be located in Michigan and is scheduled to open in October 2007. The deal is expected to close on Oct. 30 pending customary closing conditions.
Once the transaction is completed, The Bon-Ton will operate 282 stores in 23 states, with estimated annual sales of $3.4 billion.
Wegmans Trims Cost of Generic Drugs
Rochester, N.Y., Wegmans Food Markets is the latest retailer to unveil a cost-cutting plan for generic drugs. The chain has reduced the cost on nearly 200 generic drugs and will make them available in a three-month supply, according to a report by Business First of Buffalo. The supermarket chain said customers will be able to purchase the medicine in a 90-day supply at a cost of $11.99. The program will be implemented as of Thursday in all Wegman stores in New York, Pennsylvania, New Jersey, Virginia and Maryland.
Wegmans said the main difference between its program and those recently announced by other retailers is its focus on maintenance drugs, or prescriptions taken for chronic conditions over long periods of time.