THREE years after entering into an alliance to develop phygital (a combination of physical and digital marketing) food retail in China, French supermarket giant Auchan Retail (which trades under the Alcampo name in Spain) has sold its shares in SunArt to Alibaba for around €3 billion.
SunArt has 484 hypermarkets, 150,000 employees and the largest market share for food in China but the payment to Auchan will allow it to develop existing outlets and move into new markets by 2022.
While Auchan and Alibaba will no longer work together they remain committed to future technological collaboration.
Thank you for taking the time to read this news article “Alcampo owners sell holding in Chinese supermarket for €3 billion”. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.
Euro Weekly News is delighted to continue be able to bring you a range of News from around Spain in English and Global News live as it happens.
Euro Weekly News doesn’t cost you anything but your internet connection. Whether it’s bringing you the local Spanish news or the International news today, we’ve got you covered!
Euro Weekly News, the leading free local and national newspaper in Spain, the people’s paper, we lead others follow!