PARIS, 2014-6-12 — /EPR Retail News/ — CT Group and ISMS, Groupe Auchan’s Supermarket Division, recently signed a memorandum of understanding to develop a supermarket business in Vietnam. The partnership was concluded on June, 6.
CT Group, whose Chairman is Mr Tran Kim Chung, is based in Ho-Chi-Minh City and is specialised in commercial real estate.
The agreement provides for:
- The development of a food retailing business in which AuchanSuper will be the majority shareholder. This will build on the recent creation by CT Group of a supermarket under the S-Mart banner. A second store is currently under construction.
- A partnership in a real estate company that will endeavour to offer suitable sites for this new business to develop on. AuchanSuper will be a minority shareholder in this partnership.
CT Group is drawing on its detailed knowledge of a stable and prosperous country to develop these joint projects, while AuchanSuper will contribute its overall expertise in the retailing industry, with a view to achieving significant developments in line with international standards. The supermarket business will be headed up by Jordi Fernandez, who was previously the company’s Sales Director in Spain and Tunisia.
This new project demonstrates the will of Groupe Auchan’s Supermarket Division to pursue, in line with its strategic vision, growth opportunities at international level, working with local players, and to thereby contribute to a rise in purchasing power and quality of life for customers in a new country.