German Investor Eyes Carrefour Belgium Acquisition
The Belgian branch of supermarket chain Carrefour may soon be under German ownership, as investor Aurelius has expressed interest in a takeover, according to multiple sources cited by RetailTrends and RetailDetail. This potential move comes after years of losses for Carrefour in Belgium, with the French retail giant now focusing on its core markets.
Carrefour announced last month its strategic shift to concentrate on France, Spain and Brazil, which collectively generate 85% of its revenue and 99% of its profits. Belgium, along with Poland and Argentina, representing the remaining 15% of revenue, are now considered “other” and are open to strategic options, including a full or partial sale.
Aurelius reportedly intends to acquire Carrefour Belgium in collaboration with the existing local management team, without breaking up the company into separate saleable parts. The interest from other potential buyers appears limited at this time, according to reports in Buurtsuper.
The German investment firm previously acquired the charcuterie division of What’s Cooking, a Belgian food company, in late 2024 for €100 million. Aurelius also has a retail presence in the UK, having previously acquired The Body Shop, and Footasylum. However, The Body Shop subsequently filed for bankruptcy in several countries despite restructuring efforts.
Carrefour operates approximately 40 hypermarkets, over 440 Carrefour markets, and around 300 Carrefour express convenience stores in Belgium. The majority of these stores are operated by independent entrepreneurs, with the exception of the hypermarkets and a small number of other locations.
Carrefour initially denied reports last year suggesting it was considering exiting Belgium, stating, “Carrefour is and remains an indispensable player in Belgium,” as reported by RetailTrends. The company has not yet responded to the latest reports regarding Aurelius’s interest. The focus on core markets reflects a broader trend among large retailers to streamline operations and prioritize profitability in key regions.
