PARIS, October 15 (RIA Novosti) - The French hypermarket chain, Carrefour, the world's second largest retailer, has pulled out of Russia, the company said on Thursday.
"Carrefour has decided to sell its activities in Russia and pull out of the market, given the absence of sufficient organic-growth prospects and acquisition opportunities in the short-and medium-term that would have allowed Carrefour to attain a position of leadership," a statement said.
"This decision is consistent with the Group's strategy which aims at building leadership positions that will ensure strong and lasting profitable growth," the statement continued.
Earlier this year, Carrefour launched its first hypermarket in Russia at the Filion shopping center in western Moscow. It also opened another hypermarket in the southern Russian city of Krasnodar.