Carrefour Unable to Compete with Most Powerful Armenian Oligarch’s Business: Press

The local branch of the world famous French hypermarket chain Carrefour in Yerevan Mall, the second shopping mall opened in the Armenian country, is reducing its territory and is forced to make significant cuts due to being unable to compete successfully with a local supermarket chain belonging to the most powerful Armenian oligarch, Haykakan Zhamanak newspaper reports, adding that unlike other Armenian retailers, Carrefour is also unable to work in the shadow economy and has very limited import possibilities. 

“Keep in mind that initially Carrefour wanted to open a store in Dalma Garden Mall, [the first Armenian shopping mall] belonging to Russian Tashir Group holding; however, at the request of Armenian oligarchs and senior government officials, Tashir Group owner Samvel Karapetyan ousted Carrefour from Dalma's territory. The government, for its part, imposed significant restrictions on Carrefour's activities, depriving it of competitive advantages. Thus, Carrefour Armenian is an example of a partially looted business,” the paper writes.

Note, in place of Carrefour, a branch of Yerevan City, the largest Armenian supermarket chain which belongs to oligarch and MP from ruling Republican Party Samvel Aleksanyan, was eventually opened at Dalma Garden Mall.