家乐福为何放弃东南亚？.doc

家乐福为何放弃东南亚？ Carrefour’s?supermarket?sell-off defies growth?potential ? When a dozen customers are jostling at the till trying to buy the same packet of cornflakes it probably means the price is too low. When a dozen companies are scrambling to buy the supermarket, it probably means someone is selling an asset they ought to be holding onto. 如果有十几个客户在收银台前抢着购买同一包玉米片，这可能意味着价格太低了。如果是十几家公司争着抢着收购超市，则可能意味着有人正在出售一项本应持有的资产。 This is the message from an extraordinary corporate bunfight going on in south-east Asia, where Carrefour, the world’s second-biggest retailer, has attracted a field of significantly more than 10 bidders for the sale of 61 supermarkets in Thailand, Malaysia and Singapore. 这是发生在东南亚的一场特殊的公司竞购战所传达出的信息。在那里，全球第二大零售商家乐福(Carrefour)吸引了逾10家公司，竞购其在泰国、马来西亚和新加坡的61家超市。 The bidding frenzy raises a number of questions, not least why Lars Olofsson, Carrefour’s relatively new chief executive, is so keen to bale out of a region in which the company invested $150m only three years ago. 这场收购战引发了很多问题，特别是家乐福新任首席执行官罗盛中(Lars Olofsson)为何如此迫切希望撤出该公司3年前刚刚投资了1.5亿美元的地区。 Mr Olofsson has said little, hinting only that he wants to concentrate on markets where Carrefour is either the market leader or a strong contender to become so. That would include China, where the group is a leading foreign presence, but not south-east Asia. 罗盛中没有多说什么，只是暗示希望把精力集中在家乐福要么是市场领头羊、要么是市场领头羊地位有力竞争者的市场上。这将包括家乐福已经是外国领军企业的中国，但不包括东南亚。 Yet Carrefour is woefully under-represented in the world’s fastest growing region, with only 7.8 per cent of consolidated net sales in Asia compared with 79 per cent in Europe. The Asian proportion will decline further with the sale of the south-east Asian stores, which account for 15 per cent of regional sales. 然而，悲哀的是，家乐福在这个全球增长最迅速的地区业务规模并不大，亚洲仅占其净销售总额的7.8%，而欧洲为79%。随着占亚洲销售15%的东南亚门店被出售，亚洲比例将继续下滑 This seems an odd way to improve the company’s growth prospects – a point that Mr Olofsson recognised when he coupled the announcement of disappointing first-half results with enth