Exit from Italy, announced divestment in Romania, and strategic reviews underway in Poland, Argentina, and Belgium: the Carrefour group is redrawing its global footprint. Experts from AURIS Finance, an M&A advisory firm, analyze these adjustments and their implications for industry players.
The group led by Alexandre Bompard has entered into exclusive negotiations with Paval Holding for the potential sale of its Romanian operations. The transaction would involve 478 stores for a total value of €823 million.
Withdrawal from the Romanian Market
In 2025, Carrefour Romania’s revenue reached €3.2 billion, representing around 3.5% of the group’s total sales. Completion of the transaction remains subject to regulatory approvals and is expected in the second half of 2026.
For Carrefour, this divestment is fully aligned with its “Carrefour 2030” strategic plan, which aims to exit certain markets in order to refocus on its core markets. Paval Holding, the investment vehicle of the Paval family, controls Dedeman, the Romanian leader in DIY retail.
By acquiring Carrefour Romania, Paval would significantly strengthen its presence in the food retail sector. The group, which previously operated 55 hypermarkets, would gain 478 additional retail outlets.
Portfolio Review
This transaction forms part of a broader strategic repositioning undertaken by Carrefour in recent years. It follows two major transactions:
• Buyout of minority shareholders in Carrefour Brazil. Brazil is Carrefour’s second-largest market after France and is considered highly strategic. The group now intends to consolidate its exposure there.
• Sale of Carrefour Italy. In summer 2025, they sold their 1,188 Italian stores to the Italian agri-food industrial group NewPrices Group. The transaction enabled the French retail giant to divest a struggling business segment.
These moves are part of the strategy initiated by the group to refocus its efforts on three core countries: France, Spain, and Brazil. By concentrating on these markets, the company aims to leverage its leadership positions and maximize its development potential.
“Carrefour 2030”
The “Carrefour 2030” strategic plan structures the group’s development around three main priorities: winning and retaining customers, strengthening store growth, and leveraging data and artificial intelligence.
On the growth front, the retailer plans to open more than 1,000 convenience stores in France and 750 in Spain by 2030, reaching 7,500 points of sale across the France–Spain region, as well as 70 new Atacadão stores in Brazil.
More Divestments Ahead?
Outside these three markets, Carrefour has grouped its other geographies into a specific segment called “Other Countries.” These are markets where they are present but does not necessarily hold a leadership position. In these regions, all options remain open, and the group does not rule out further divestments. Potential candidates could include Poland, Argentina, and Belgium.
Sector Consolidation and Strategic Rebalancing
Carrefour’s current strategic decisions illustrate a broader industry trend: large retail groups are focusing on their most strategic markets and rationalizing their global presence.
This strategy opens opportunities for a range of smaller players. With innovative positioning—such as regional pure players or specialized proximity retail concepts—these companies may become acquisition targets for large groups seeking to strengthen their positions in specific markets.
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