经济学人下载:家乐福,摇摇欲坠

But some investors have argued that forcing Carrefour to pay rent would weaken it. Carrefour proposed a partial sale of its property in March, along with the sale of Dia, a successful Spanish hard-discount chain. Minority shareholders forced Carrefour to abandon the property sale in June, but Dia was sold this month.
但是另一些投资者认为硬要家乐福偿付租金只能损害公司利益。家乐福建议在3月出售部分资产，其中也包括一家盈利的西班牙超级折扣连锁店Dia。少数股东强制家乐福放弃六月出售资产的计划，但是Dia仍在该月售出。

Mr Arnault’s latest gambit, to merge with CBD’s Pão de Açucar, an upmarket food chain in Brazil, was more in the long-term interest of Carrefour. The combined company would have been a retail powerhouse in a fast-growing market. But Casino, an archrival of Carrefour, owns 37% of CBD and is poised to take control next year.
阿尔诺最近的建议是希望家乐福兼并巴西百货旗下的高端食品连锁店Pão de Açucar，这个举动将为家乐福带来长期利益。二者的联合将在巴西这个快速增长的市场上打造出一个强有力的零售巨人。不过家乐福的死敌Casino拥有巴西百货37%的股份，而且将在明年得到巴西百货的控制权。

Its opposition, together with an outcry against further concentration of the Brazilian retail market, scuppered the deal. The Brazilian Development Bank, which had planned to invest in the merged entity, withdrew its backing on July 12th. The same day Abilio Diniz, the boss of CBD, said he was suspending his offer to merge with Carrefour. “The Brazilian deal had attractive features, but it was absurd to imagine that Casino could be excluded from the discussions,” says Eric Knight of Knight Vinke, an investment manager which has stood up to Blue Capital.
Casino的反对，以及反对西班牙零售市场进一步整合的呼声使这笔交易无果而终。巴西开发银行此前虽然计划对两者的兼并提供投资，也在7月12日收回这项支持。巴西百货的老板阿比利奥．迪尼兹（Abilio Diniz）也表示，将推迟和家乐福合并的交易。此外，站在蓝色资本对立面的Knight Vinke 投资经理埃里克．奈特（Eric Knight）也表示：“这笔交易确实有很多有利的因素，但是如果将Casino排除在外，就不合情理了。”

Meanwhile, Carrefour’s problems in France show no sign of going away. This week it said operating profits for the first six months of the year would fall by 23%, mainly due to an abysmal performance in French hypermarkets (France accounts for 44% of the group’s sales). These huge, out-of-town stores are ailing as people opt for smaller, closer shops. Carrefour still shifts plenty of food, but it struggles to beat specialist electronics and clothing brands.
与此同时，家乐福在法国的问题并无缓解的迹象。家乐福本周宣布今年前6个月的营业利润下降23%，这主要是由于法国各大卖场的糟糕表现导致的（法国的销售额占集团销售额的44%）。这些大型的、位于郊外的市场普遍业绩不佳，因为人们目前更青睐小型的、就近的商场。家乐福虽然仍能售出大量的食物，但在与电子专卖店和品牌服装店的竞争中却举步维艰。

The firm also admitted to a big mistake on pricing. This year Carrefour passed on commodity-price rises to consumers several months before its rivals, such as Leclerc and Intermarche. Shoppers objected. Carrefour lost market share. The firm “now needs to deliver a knockout blow in pricing,” says Christopher Hogbin of Bernstein Research. As Carrefour is the world’s second-biggest retailer, it should have the clout to cut prices by more and for longer than any other supermarket chain in France. But that might displease Blue Capital, as short-term profits would suffer. Some of its rivals are privately-owned, and so feel less short-term pressure to perform.
公司承认在定价方面存在重大失误。家乐福今年比其他的竞争对手，如Leclerc 和Intermarche 提前几个月将商品价格的上涨转嫁给消费者，引起了顾客的不满。家乐福因此失去了部分市场份额。伯恩斯坦研究所的克里斯托夫．霍格宾认为，家乐福“目前需要在价格上采取更大的让步”。由于家乐福是世界第二大零售商，因此本有能力比法国其他零售企业更持久地提供更多的降价优惠。不过这种举措却会招致蓝色资本的不快，因为公司的短期利润将蒙受损失。家乐福的部分竞争者是私营企业，因此在短期利润表现方面承受的压力相对较小。