When giant French retailer Carrefour arrived in Kazakhstan, it was deemed an event so important that President Nursultan Nazarbayev dropped in for the opening.
But on May 30, only 16 months after Carrefour opened its doors, the retailer announced they are closing up shop.
Tengri News website cited the general director of its Carrefour operations in Kazakhstan, Seung Dae-Ryu, as saying that the main reasons for the closure was the devaluation of the national currency, the tenge, and the intensity of local competition.
In the last year or so, three supermarkets opened in the area near where the Carrefour store was located in Almaty, Kazakhstan’s business capital.
The retailer’s store opened in February 2016 amid much optimism. Its backers said that 5 billion tenge ($14 million at the time) had been invested into the premises, which covered an area of 8,000 square meters and offered 30,000 named brands. The supermarket employed around 450 people.
To read the full story