,

CARREFOUR EXPANSION
TO PAKISTAN

INTERNATIONAL BUSINESS MANAGEMENT

(MGT 521)
Spring 2017-2018
(Term B)

Prepared by:

Submission Date:
Table of Contents
1. INTRODUCTION ................................................................................................................... 2

2. RATIONALE OF THE STUDY ............................................................................................. 3

3. ABOUT CARREFOUR (MAJID AL FUTTAIM RETAIL) .................................................. 4

4. CHOICE OF THE COUNTRY ............................................................................................... 5

5. PESTEL ANALYSIS OF PAKISTAN ................................................................................... 6

5.1 Political............................................................................................................................. 6

5.2 Economic.......................................................................................................................... 7

5.3 Social ................................................................................................................................ 8

5.4 Technological ................................................................................................................... 9

5.5 Environmental ................................................................................................................ 10

5.6 Legal ............................................................................................................................... 10

5.7 Competitive Analysis ..................................................................................................... 11

6. SWOT ANALYSIS OF CARREFOUR ................................................................................ 12

6.1 Strengths ......................................................................................................................... 12

6.2 Weaknesses .................................................................................................................... 12

6.3 Opportunities .................................................................................................................. 13

6.4 Threats ............................................................................................................................ 13

7. MODES OF ENTRY ............................................................................................................. 14

8. RESOURCES NEEDED ....................................................................................................... 16

9. CONCLUSION ..................................................................................................................... 19

10. REFERENCES .................................................................................................................. 20

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 1. INTRODUCTION

The following report is aimed to see the opportunities and ways that Carrefour in UAE is able to

expand its operations in Pakistan. We want to evaluate the suitability of Carrefour in Pakistan

and how efficient it can expand its operations. We also would like to determine if the country is

suitable enough for the operations of Carrefour. We also want to see what entry strategy best fits

Carrefour in entering Pakistan. Hence our main purpose of this report is to first see if Pakistan is

a suitable environment for Carrefour to enter, and also to see and plan for the most efficient and

effective ways that Carrefour can enter the market of Pakistan and run successfully.

In the following report we will first discuss the background of Carrefour, where we will talk

about their product line, their geographical market of operations and their production capacity.

We will then conduct Pestle analysis of Pakistan where we will look at its suitability based on

political, economic, social, technological, legal and environmental. We will also see the type of

competition available in Pakistan that can hinder the smooth operations of Carrefour.

We will also discuss on the market entry strategies, their advantages and disadvantages and

which method should Carrefour use. We will also conduct a SWOT analysis of Carrefour and

And finally, we will talk on the resources needed to manage the new initiatives by providing an

approximate idea of the cost of investment required (Budget for employees, rent, machinery and

other resources etc. along with the 3 years Return on Investment (ROI) graph).

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 2. RATIONALE OF THE STUDY

The main objective of performing this study is to see the suitability of Carrefour expanding its

operations in Pakistan. International business is defined as performing trade globally. Majority of

the big companies started with operating in one country then expanded its operations into several

countries. This applies for Carrefour as well as it started in France and is now operating in

different countries like the Middle East countries, Asian countries, African countries etc.

Working internationally has both its advantages and its risks as well. Some of the advantages is

that it enables the firm to gain several advantages that the other countries have to offer.

Similarly, it also widens the country’s market share in the industry and makes its brand

recognized and known worldwide. However, this mode of trading also comes with its risks.

There are several companies that opened in different countries and failed terribly. Hence, it is

always crucial for the firm to carefully analyze the country and how it is going to enter its market

and perform its operations inside it so as to efficiently and successfully integrate into the new

country’s market.

According to Stephen Hymer, in his research paper, he mentions three different phases and

theories to explain direct foreign investment and why companies trade internationally. In his

research paper, he mentions some of the reasons as to why companies expand to other countries

is to take advantage of the differential in interest rates and capital investment. He also shows that

companies who expand internationally can take advantage of the economic and political

advantages that different countries bring along with it (Peter, 2010).

On another article of John Dunning, he came up with the John Dunning OLI paradigm. His focus

on his research was foreign direct investment and multinational companies. He made several

important contributions on the international business topic. He explained the risks associated

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with international business where he mentioned the culture, the economy, the political, the

technological and the attitude of the people as well. He also mentioned some of the ways that

business can successfully transform to be international. This is where he came up with the

Dunning paradigm where he explained some of the steps to be followed to successfully integrate

a new market. Dunning and Hymer are considered the fathers of international business (John,

2001).

3. ABOUT CARREFOUR (MAJID AL FUTTAIM RETAIL)

Carrefour is a big retail company that operates worldwide. In UAE, it was founded by Majid Al

Futtaim in 1995 and this branch currently operates in 38 different countries including the Middle

East, Africa and Asia. Majid Al Futtaim Carrefour was first opened in City Center in Deira in

Dubai. Over the years, it has greatly expanded and has become very successful to the point that it

has 175 stores in 15 different countries that serve 200,000 customers every day. Carrefour

products ranges from household items, groceries, food products, clothing, equipment, household

machines, electronics and several other items. It currently serves 100,000 different food and non-

food products together with other thousands household goods (Carrefour, 2018).

Carrefour currently has 28 hypermarkets and 43 supermarkets. It also employs over 9200

employees in UAE alone. Their main competitors globally include Walmart, Tesco, Groupe

Casino, Amazon and Cdiscount. All these firms are fierce competitors to Carrefour as they all

operate in the retail industry. However, Amazon and Tesco are a bit different because its main

operations is done through online. Walmart, Groupe Casino and Cdiscount are very similar to

Carrefour because they offer same ranges of products to customers and also have several retail

stores globally (Data Fox, n.d.).

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They deal with this competition by applying the competitive strategy of low cost leadership. This

is where they sell products at a lower price than their competitors to gain competitive advantage.

They are able to compensate for this low price charging, through two ways. Firstly, through

economics of scale, they buy goods in bulk from producers and get good discount, enabling them

to sell the goods at a lower price. Secondly, they sell the goods at large quantity, hence profits

are incurred when large amounts of sales are sold. In 2016, they made €85.7 billion sales, which

made a higher profit than the previous year (Carrefour, 2018).

4. CHOICE OF THE COUNTRY

For Carrefour expansion, we chose the country to be Pakistan. We chose this country due to

several reasons. One of the major reasons is that Carrefour has expanded in majority of the

Middle East countries except Pakistan. Pakistan is a developing country that can suit best for

Carrefour to operate in. One of the main reasons as to why we were interested in Pakistan is that

majority of the workers in Carrefour in UAE are from Pakistan, thus they are already familiar

with the company and know a lot about it. Moreover, the culture practiced in UAE is the Islamic

culture, this same culture is also practiced in Pakistan. Thus it will be easier for Carrefour to

penetrate Pakistan as their customer’s behavior is almost similar to that of UAE.

Moreover, the country’s economic growth continue to increase day by day. We can see this

through the increase of the GDP by 0.8% from 2016 to 2017 where it had reached 5.3% in 2017.

Their service, agricultural and industrial sector also has highly improved over the past few years.

The country also has low interest rates which has resulted to growth of the private sector and the

country’s businesses. The total consumption in 2017 highly increased in the country to almost

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92% of the GDP. While their inflation rates decreased by 0.1% in 2018. As it was 3.9% in 2017,

then it dropped to 3.8% in 2018 (World Bank, 2018).

The country’s exports have also been undergoing contraction for several years. However, since

2018, it has highly improved. But due to higher import levels, there exists trade deficit in the

country. The government of Pakistan is however, doing several strategies to reduce their imports,

such as imposing regulatory duties and tariffs to slow down the import growth. Their official

international reserves also declined to US$12.2 billion at mid-2018. However, the government is

taing necessary actions to correct this decline i.e. by issuing international bonds of US$2.5

billion (World Bank, 2018).

5. PESTEL ANALYSIS OF PAKISTAN

PESTEL analysis is a tool used by marketers to evaluate the several factors of a country in order

to analyze whether a country is a good choice for a company to enter or not. It covers 6 main

aspects: Political, Economic, Social, Technological, Environmental and Legal aspects. It is

crucial for all business to conduct a PESTEL analysis of a country first before entering its

market. This is because, with this analysis, it will inform the company on the positives and

negatives of each of these aspects in order to take advantage of the country’s opportunities and

look out for the threats as well. Pakistan’s PESTEL analysis can be summarized as follows:

5.1 Political

In Pakistan, from 2002 to 2011, the political stability has been very bad, and has been

deteriorating. This is due to wars, terrorism and lack of proper government rule. This

political instability has caused trade not to be efficient. It has caused businessmen and

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 investors to lose money. However, from 2011 to current, the political stability in Pakistan

has been improving, it is moving towards stability. There have been a decrease number

of terrorism, riots and the government has taken back control of its country

(TheGlobalEconomy, 2016).

5.2 Economic

Pakistan has an emerging economy. A free market economy is highly encouraged in the

country. The government of Pakistan has minimum influence on the exports and imports

of goods in Pakistan. Since the 1980’s the government has been encouraging the practice

of free trade in Pakistan by reducing the taxes (Ahmad, 2008). With the free trade at

hand, Carrefour can easily export and import its goods in Pakistan and out of Pakistan

freely.

When compared with other countries, Pakistan Purchasing Power Parity (PPP) is the 25th

largest and in terms of its GDP, it is the 42nd largest. As of 2018, its nominal GDP per

capita is at $1,641. Its GDP is growing at 5.79% in 2018 while its GDP by sector is at

18.86% in Agriculture, 20.91% in industry and 60.23% in services. However, despite the

growth in the GDP, there is also growth in the inflation rate at 4.2% in 2018. Its

unemployment rate is at 5.9% since 2015, while its exports in 2018 has also increased by

$22.003 billion. However, their imports increased more than their exports making a trade

deficit in the country (Economic Freedom, 2018).

The GDP of Pakistan has been in constant growth from 2007 to 2017. As of 2016, the

GDP of Pakistan was 278.91 billion U.S. dollars. This amount increased to 303.99 billion

US dollars in 2017, making it the highest value from 2007. The GDP value in 2016

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 represented 0.46% of the world economy. The following graph shows the increasing

pattern of Pakistan GDP growth (Statista, 2018).

5.3 Social

The culture of Pakistan is almost similar to that of UAE. Majority of the people are

Muslims so they are following an Islamic culture. They also highly value family and

closeness in the society. However, corruption in Pakistan is a very serious problem. It is

widespread in the public sectors. Pakistan score 126 out of 174 countries in the

corruption perceptions index (Trading Economics, 2016). This is not a good score.

Corruption for business is not good as there will be no professionalism, efficiency and

integrity in doing the business.

When we look at the Hofstede insights of Pakistan, we see that in their power distance

they got a score of 55 which is in the intermediate level showing that the extent at which

people are not treated equally is in the intermediate level. While based on the

individualism sector, Pakistan got a score of 14 which means their society is more

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 collective. This shows that Pakistan society believes in closeness and being together.

Based on their masculinity, they got a score of 50 which means Pakistan has no

preference over male and female. Based on uncertainty avoidance, Pakistan got a score of

70, which means that they have high preference of avoiding any form of uncertainty.

While based on their long term orientation they got a score of 50 which means that it

cannot be said if they have any preference. Lastly, based on indulgence, Pakistan got a

score of 0, which means that they have a very restrained society (Hofstede Insights,

2018).

The following graph illustrates the Hofstede insights on Pakistan,

5.4 Technological

As commonly known, the world is moving towards being dynamic. The same goes with

Pakistan. Their technology use has highly improved in all their sectors including

transportation, communication, medical care, infrastructure etc. The government of

Pakistan also highly invests in technology. Their IT exports is currently at $2.2 billion.

They also highly invest in tech start-ups through providing resources like incubators,

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 financial support and office stuff. However, Pakistan is ranked 131 out of 141 countries

as the most innovative country in the innovative index. This shows their lack of

innovation in technology (Maqsood, 2016).

5.5 Environmental

The environment of Pakistan is phenomenal. It has several landscapes and a good climate

that can sustain several plants. The types of plants that occur in their forests include

coniferous alpine, subalpine (spruce, pine, and deodar cedar), deciduous (mulberry),

palms (coconut and date), juniper, and tamarisk trees.

There are also several mangrove forests and scrub plants as well. There are also several

diverse animals like crocodiles. Boars, deer, porcupine, and rodents at the South Pakistan.

While at the North, there are animals like Marco Polo sheep, Urial sheep, Ibex goats,

Himalayan bears, and snow leopards. Pakistan national animal is the Markhor who is a

goat (Pakistan Insider, 2011).

5.6 Legal

The legal and regulations practiced in Pakistan is weak. There are several political wars

in the country and no appropriate rules have been kept in store to keep the country in the

right track. Moreover, some of the cities in Pakistan like Karachi have several crimes

occurring like theft and murder. The government however does not put much emphasis in

correcting such issues through making their laws stricter. Similarly, it is the duty of the

parliament to show high concern in changing the laws and making them stricter in order

to prevent any mischief from occurring in the country. However, the parliament are

corrupt and show little interest in making any changes or any progress towards bettering

the country (Pooja, 2017).

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 5.7 Competitive Analysis

The main hypermarkets in Pakistan are Hyperstar and Metro Cash and Carry

(Anonymous, 2014). Hence this is a very suitable condition for Carrefour to operate in

because it will not have a lot of competition. It will only compete with the 2 departmental

stores and with the right strategy, Carrefour can operate efficiently

When we look at Hyperstar market, it is already very popular in Pakistan due to its cheap

prices and offers. And also, Metro Cash and Carry, it is a local supermarket which

already Pakistan customers are used to it. Both markets have also been operating for long

in Pakistan now. Hence due to familiarity of the 2 markets in Pakistan, Carrefour will

have a bit difficulty at first to enter the Pakistan Market and win their trusts and make

them leave the 2 markets in which they are already used to and go to them.

When we look at Metro Cash and Carry in Pakistan, it occupies a great market share and

size in the country. It currently incur a total revenue of $36.1 billion and have a total

employees of 280,000. It opened its branch in the city Lahore on October 31, 2007. Then

over the years, they expanded to other cities in Pakistan like Islamabad. They currently

have 10 different stores in Pakistan in their different cities like Karachi, and Faisalabad. 4

stores are in Lahore, other 4 in Karachi, 1 in Islamabad and another 1 in Faisalabad. Their

main store in Pakistan is called Habib Metro. It occupies 40% of the company’s share of

investment (Metro, 2018).

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 6. SWOT ANALYSIS OF CARREFOUR

The SWOT analysis refers to the analysis of the strengths, weaknesses, opportunities and threats

of a company. It focuses on both the internal factors and the external factors that affect the

company. It is important to conduct a SWOT analysis for a company as it makes the managers to

have a better outlook on the advantages and the shortcomings they are being faced with in both

the internal and external issues of the firm. As for Carrefour, the following is its SWOT analysis:

6.1 Strengths

 Strong brand name and wide market.

 Strong financial standing with over 9900 stores worldwide.

 High quality products

 Affordable products

 Own several famous private label brands

 Multi Format Strategy-hypermarkets, supermarkets, hard discount stores and convenience

stores

 Developer and innovator in the Hypermarket format (MbaSkool, n.d.).

6.2 Weaknesses

 Lack of enough presence in the Asia emerging economies.

 Negative reputation to the public due to recent happenings.

 Lack of enough presence in the e-commerce online channel.

 Weak own brand sales

 A lot of time is wasted when they are opening a new store

 Poor labor relations (Adam, 2010).

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 6.3 Opportunities

 Due to its famous international brand name, they can easily enter into emerging economies.

 More attention is kept on growth through offering strategic tie-ups and creative marketing.

 Can enter into joint acquisitions and ventures to further expand

 Discount sales development

 Reduced operating costs (Adam, 2010)

6.4 Threats

 Tough competition from the likes of Walmart and Target

 Economic slowdown

 Rising labor costs

 Terrorism and political instability in some countries

 Slow expansion due to tough competition (Adam, 2010).

The following quadrant table summarizes the SWOT Analysis of Carrefour:

Strengths:
 Strong brand name and
wide market.
 Strong financial standing
with over 9900 stores
worldwide.
 High quality products
 Affordable products
 Own several famous
private label brands
 Multi Format Strategy-
hypermarkets,
supermarkets, hard
discount stores and
convenience stores
 Developer and innovator
in the Hypermarket format
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Weaknesses:
 Lack of enough presence
in the Asia emerging
economies.
 Negative reputation to the
public due to recent
happenings.
 Lack of enough presence
in the e-commerce online
channel.
 Weak own brand sales
 A lot of time is wasted
when they are opening a
new store
 Poor labor relations
 Opportunities:
 Due to its famous
international brand name,
they can easily enter into
emerging economies.
 More attention is kept on
growth through offering
strategic tie-ups and
creative marketing.
 Can enter into joint
acquisitions and ventures
to further expand
 Discount sales
development
 Reduced operating costs
Threats:
 Tough competition from
the likes of Walmart and
Target
 Economic slowdown
 Rising labor costs
 Terrorism and political
instability in some
countries
 Slow expansion due to
tough competition

7. MODES OF ENTRY

For Carrefour to enter the market of Pakistan, they have to critically evaluate which mode of

entry to use the best. This mode of entry has to be in line with the country’s regulations, trade

practices, culture, and several other relevant factors that Carrefour has to put under

consideration. There are 6 major modes of entry that Carrefour can utilize. The first one is

exporting where Carrefour just decides just to export its goods to Pakistan instead of running

operations over there. This method can be costly as there are costs of tariffs and transport costs

which might end up to be a higher amount of cost as compared to just opening up a store in

Pakistan (Ali, 2010).

The second mode of entry is the Turnkey projects where, Carrefour finds a Pakistani client

whom they will run their operations on behalf of the client. Then when the project is done and is

full on operation, they hand over the business to the Pakistani client. However, because it is not

long term, it can be a disadvantage as the project might be very beneficial for the company. The

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third mode of entry is the Licensing where Carrefour (Licensor) gives the licensee (a Pakistani

client) the right to intangible assets for a certain period of time like one year. Then in return,

Carrefour will be receiving a royalty fee from the Pakistani client. However, its disadvantages

are that in that specific period of time, the reputation and the name of Carrefour is in the hands of

the Pakistani client and he can ruin it by doing a major mistake, hence very risky (Ali, 2010).

The fourth mode of entry is the Franchising where Carrefour (franchisor) sells the intangible

assets to a Pakistani client (franchisee) and also insists that the Pakistani client agrees to follow

the rules set by Carrefour on how to operate the company within that specific period of time. Its

main disadvantages are that the Pakistani client and Carrefour might end up having conflicts and

misunderstandings if at a certain period of time the 2 parties have contrasting goals and are

fighting over control (Ali, 2010).

The fifth mode of entry is the Joint ventures with a host country firm where Carrefour can decide

to have a 50-50 membership operations in Pakistan with a local hypermarket like Cash and

Carry. However, there is also risk of lack of understanding between the two companies because

they both contradict each other on the goals or operations which might result to chaos and

closing down of the business. Finally, the sixth mode of entry is the Wholly owned subsidiaries

where Carrefour will open its branches in Pakistan and fully own it 100% (Ali, 2010).

We believe that Carrefour should go with the last mode of wholly owned subsidiaries when

entering Pakistan. This is because, this method is good because it eliminates the risk of losing

control over its operations to another party. And also it doesn’t get to share its returns and

benefits with anyone else except themselves. However, it also gets to experience the risk of

entering a new market all by its own. Also, it gets to fully incur all the costs of setting up the new

stores in Pakistan.

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But with the appropriate planning and a good strategy, Carrefour can reduce these costs and enter

the market successfully without bearing any kind of risks. This way we will be eliminating all

risks involved in sharing the assets and technologies of the business with other people who are

not trusted. In addition, they can combat the problem of costs and risks of entering the market of

Pakistan by hiring a local advising or consulting firm, which can advise on the best ways to

penetrate the market while minimizing costs. Also by carefully planned strategies, risks can be

minimized and operations can be run successfully in Pakistan.

8. RESOURCES NEEDED

Carrefour needs to plan for its financial budget and forecasting accurately before entering a new

market. Considering that Carrefour has entered several markets before successfully, it can gain

information from its previous experience on how to appropriately and successfully budget for its

financials to effectively integrate the Pakistan market. To create an effective budget, Carrefour

should first outline the goals it wants to achieve in Pakistan. The advantage of Pakistan is that

things there are cheaper compared to the developed countries. Especially labor costs can be very

low. Carrefour should also outline all the major items that will be required for the operations in

the country so as to come up with the start-up costs.

Some of the resources that Carrefour will need to enter the Pakistan market is the machinery and

equipment, labor costs, license, patents and rights, rent, miscellaneous expenses, utilities and tax

payments as well. The following is the financial budget for the investment cost of Carrefour

entering the market of Pakistan.

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 Amount in million USD
Labor costs 8.00
Machinery and equipment 15.00
Rent 4.00
Miscellaneous expenses 10.50
Utilities 6.50
Tax payment 10.00
Patents/Rights 10.00
Total Investment 64.00

The following can be expressed in the pie chart below:

10 8

10 15

6.5
4
10.5

labor costs machinery and equipment rent

miscellaneous expenses utilities tax payments
patents/rights

As can be seen from the pie graph above, the highest budget costs is going to the machinery and

equipment. This is because, Carrefour needs several equipment and technology to run their

operations efficiently. These technologies can be very expensive thus adding costs to the firm.

On the other hand, the return on investment can be defined as the amount of money earned by

the company based on the amount of money invested in the firm. It compares between the firm

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profitability and the investment efficiency. Carrefour should strive to always earn higher ROI

over the years in its operations so as to be more profitable. ROI can be calculated as follows:

ROI = (Net Profit / Cost of Investment) x 100

The following table forecasts the ROI of Carrefour in the first 3 years:

Year 1 in Year 2 Million Year 3 in

Million USD USD Million USD
Net profit 25 38 68
Cost of investment 64 50 46
Return on Investment (ROI) 39.0625% 76% 147.826%
These figures can be summarized in the graph below:

ROI
160.00% 147.83%

140.00%

120.00%

100.00%
76%
80.00%

60.00%
39.06%
40.00%

20.00%

0.00%
YEAR 1 YEAR 2 YEAR 3

ROI

As can be seen, we expect the first year ROI to be 39.06%, then we predict this percentage to

increase to 76% in the second year and 147.83% in the third year. Thereby, we expect increasing

profitability in Carrefour’s operations in Pakistan. Based on these figures of ROI, we would

recommend Carrefour to open their stores in Pakistan.

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 9. CONCLUSION

In conclusion, we can see that international expansion is essential for the development and

further success of a company. Several big companies including Carrefour have expanded in

different countries and have proved to be successful. However, before entering any new market,

Carrefour should perform an extensive analysis to see whether the benefits that will be incurred

in the new market is more than the costs incurred.

In this report, we were able to do a brief analysis of Carrefour entering the market of Pakistan.

We were able to see some of important factors like the PESTLE analysis of Pakistan and the

SWOT analysis of Carrefour. We were also able to establish that the market entry mode that

Carrefour should use to enter Pakistan is the wholly owned subsidiaries as it will most likely reap

the most benefits for Carrefour with minimum risks and costs.

Finally, we were also able to establish some of the resources that Carrefour would be needed to

run their operations in Pakistan like machinery and equipment. We also came up with an

investment budget and found that the start-up investment cost would approximate to almost 64

million US Dollars. We also calculated the expected ROI for Carrefour in the next 3 years of

operating in Pakistan and saw that there is a chance of Carrefour gaining profit from the

operations. Thus, we would recommend Carrefour to open their branch in Pakistan, however,

they should ensure that there is effective strategic plan in place for the successful operations of

the firm.

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 10. REFERENCES

Adam. (2010). Carrefour SWOT Analysis. Retrieved from

http://www.freeswotanalysis.com/retailing-swot/66-carrefour-swot-analysis.html

Ahmed, M. (2016). Technology in Pakistan: A Slow March. Retrieved from

https://thediplomat.com/2016/09/technology-in-pakistan-a-slow-march/

Buckley P.J. (2010) Stephen Hymer: Three Phases, One Approach?. In: Foreign Direct

Investment, China and the World Economy. Palgrave Macmillan, London

Carrefour. (2018). About Us. Retrieved from https://www.carrefouruae.com/aboutmafretail

Carrefour. (2018). Financial Information- Our Sales. Retrieved from

http://www.carrefour.com/content/our-sales

Data Fox. (n.d.). Top 5 Carrefour Competitors. Retrieved from

https://datafox.com/competitors/carrefour’

Dunning, J. H. (2001). The eclectic (OLI) paradigm of international production: past, present and

future. International journal of the economics of business, 8(2), 173-190.

Economic Freedom. (2018). Pakistan. Retrieved from

https://www.heritage.org/index/country/pakistan

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Hofstede Insights. (2018). What about Pakistan?. Retrieved from

https://www.hofstede-insights.com/country-comparison/pakistan,the-united-arab-

emirates/

Instincts, A. (2010). 6 modes of entry. Retrieved from

https://www.scribd.com/document/27330905/6-Modes-of-Entry

Khan, A. A. (21st November, 2008). Good governance and free market economy. Retrieved

from http://defence.pk/threads/good-governance-and-free-market-economy.16515/

MbaSkool. (n.d.). Carrefour SWOT Analysis, USP & Competitors. Retrieved from

https://www.mbaskool.com/brandguide/lifestyle-and-retail/5744-carrefour.html

Metro. (2018). Annual Report 2015/16. Retrieved from

http://reports.metrogroup.de/2015-2016/annual-report/

Mishra, P. (2017). PESTEL analysis of Pakistan. Retrieved from

http://www.sachdevajk.in/2017/09/07/pestel-analysis-of-pakistan-2/

Pakistan Insider. (2011). Pakistan’s Geography, Climate, and Environment. Retrieved from

http://insider.pk/national/pakistans-geography-climate-and-environment/

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Statista. (2018). Gross domestic product (GDP) in Pakistan 2017. Retrieved from

https://www.statista.com/statistics/383739/gross-domestic-product-gdp-in-pakistan/

Trading Economics. (2016). Pakistan corruption index. Retrieved from

http://www.tradingeconomics.com/pakistan/corruption-index

TheGlobalEconomy. (18th November, 2016). Pakistan: Political stability. Retrieved from

http://www.theglobaleconomy.com/Pakistan/wb_political_stability/

World Bank. (2018). The World Bank in Pakistan. Retrieved from

http://www.worldbank.org/en/country/pakistan/overview

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