German supermarket chain exits Spain, focus on eastern Europe

MUELHEIM-AN-DER-RUHR, Germany - A German supermarket group, Tengelmann, said Monday it was abandoning Spain to pursue more promising opportunities for its discount marts in eastern Europe.

By (DPA)

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Published: Mon 16 Jul 2007, 5:12 PM

Last updated: Sat 4 Apr 2015, 10:20 PM

Under a sale settled Friday, it would sell its 247 Spanish outlets operating under the Plus brand and 58 construction projects to Carrefour of France.

Supermarkets operator Carrefour said it would pay about 200 million euros (about 275 million dollars) for the unit.

Karl-Erivan W Haub, chief executive for Europe at Tengelmann, said eastern Europe was the growth market. Plus was about to launch in Bulgaria and already had shops in Poland, Romania, the Czech Republic and Hungary.

The group, which also operates in Germany, Austria, Portugal and Greece, admitted that it had failed to establish a strategic position in Spain since opening there in 1993.

Carrefour, number two in the business worldwide, will use the marts to boost its 2,806-store DIA chain in Spain.



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