Hypermarket operators were the biggest investors in food retail this year, too, with a cumulated value of investments standing at half a billion euros. Expansion could slow down in 2009, though, as a result of the pace of real estate developers.
On a consumer goods market put at 23-25bn euros, major food retailers' investments in network expansion rose by 7% in 2008 year-on-year, to some 640m euros.
Most networks have not hit the expansion targets announced early in the year, with the postponement of some shopping centre or retail park projects as one of the reasons. Thus, of the 130 new stores originally announced by retailers for 2008, around 30 are still on paper or will be opened in the first months of 2009.
This year's biggest investments were operated by Carrefour and Real.
Through half a billion-euro expansion investments, hypermarkets further increased their importance on the market, gaining from the market share of traditional stores and the weight of supermarkets.
On the segment of hypermarkets, it was only Carrefour that reached the previously announced expansion target this year, of 10 new stores, while operators such as Auchan, Real or Pic postponed one or two openings for 2009 due to constructions delays. On the supermarket segment, the past year's major moves were company takeovers. The biggest expansion pace was announced by Billa network.
Discounters have also boasted fast expansion in recent years, with the number of discount stores to be four times higher than in 2005. This year, discount retailers opened the same number of stores as in 2007, through cumulated investments put at some 76m euros. On the other hand, the oldest segment of modern retail, cash&carry stores, has seen slower growth in the past two or three years.
In 2009, too, food retail networks expect to start the year with a smaller number of openings than they had planned two or three years ago. Due to the banking system cash shortage, several shopping centre projects will remain on paper or be resumed on the medium term on the lack of financing, according to real estate market data.
Retailers, saying sales are still on an upward trend, expect consumer goods retail to also feel the impact of the financial crisis, through a changing consumer behaviour.
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