By John Smith • 23 October 2020 • 13:47
THREE years after entering into an alliance to develop phygital (a combination of physical and digital marketing) food retail in China, French supermarket giant Auchan Retail (which trades under the Alcampo name in Spain) has sold its shares in SunArt to Alibaba for around €3 billion.
SunArt has 484 hypermarkets, 150,000 employees and the largest market share for food in China but the payment to Auchan will allow it to develop existing outlets and move into new markets by 2022.
While Auchan and Alibaba will no longer work together they remain committed to future technological collaboration.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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