Carrefour Group's withdrawal from the supermarket industry in Hong Kong was because of its lack of understanding of the local market, according to Logan Taylor, chief executive of former Carrefour rival ParknShop.
'The real reason why they left is because they didn't go and find out the requirements of the consumers here,' he said.
Mr Taylor's remarks came about three months after Carrefour closed its four hypermarkets in Hong Kong on September 18. The French retailer blamed its departure on fierce competition for retail sites.
'Food retailing is the most competitive market to be in, and they know it,' he said.
'They are the second largest retailer in the world . . . they know how to compete. The truth is, they didn't understand the Hong Kong consumer.'
He also dismissed claims that the resale price maintenance system, under which retailers and suppliers agreed on minimum prices, was in place in Hong Kong.
Mr Taylor was speaking a day before the opening of a superstore at Metro City in Tseung Kwan O.