A strategic alliance between Tesco and global retail giant Carrefour is expected to become operational in October 2018.
The businesses have now formally entered into the deal, which was first revealed in July and is designed to help them lower prices while improving the quality and the choice of products available.
It covers a strategic relationship with global suppliers, the joint purchasing of own-brand products and goods not for resale under a three-year operational framework. However, they previously stated that each company would continue to work with supplier partners at a local and national level.
“Tesco and Carrefour are pleased to confirm that they have formally entered into a long-term, strategic alliance,” the business said in a statement released today (6 August). “Following the formal agreement announced today, we expect that the alliance will become operational in October 2018.”
Paris-based Carrefour is one of the biggest grocery retailers in the world, with around 12,300 stores operated under the Carrefour Group banners in 30 countries. It boasts a turnover of almost €90bn.