France’s Carrefour Joins Forces With Uber Eats For Home Delivery Service
French supermarket chain Carrefour SA (CRRFY) teamed up with Uber’s (UBER) Eats unit on Wednesday to launch a delivery service, to meet demand for groceries and essential products during the France's nationwide coronavirus lockdown.
Starting April 6, the delivery service will be available from 15 Carrefour stores in Paris and surroundings and will then be rolled out in nationwide. Uber Eats will remove the delivery fees on all Carrefour orders during the month of April.
Four-star analyst James Grzinic at Jeffries earlier this month raised Carrefour to Buy from Hold as free cash flows and earnings remain attractive in the European food sector despite the coronavirus-related lockdown. (See Carrefour stock analysis on TipRanks)
Uber Technologies enjoys a Strong Buy consensus rating from Wall Street analysts, which breaks down into 26 Buys and 3 Holds given in the past three months. The $43.44 average price target sees room for 67% upside potential in the coming year. (See Uber stock analysis on TipRanks)
As part of the new delivery service, consumers will be able to select a Carrefour convenience store on the Uber Eats app or website, or dial by phone from 11am to 11pm to order products, including grocery shopping as well as hygiene and cleaning products. Home deliveries will be made within 30 minutes on average by a delivery person using the Uber Eats application and complying with health and safety guidelines laid out by the French government.
“Combining the strength of Carrefour's convenience stores and the agility of the Uber Eats application will enable us to deliver customers' everyday products in a very convenient and secure way,” said Amélie Oudéa-Castéra, Executive Director of e-commerce, data and digital transformation at Carrefour. “As we face this crisis, we have a duty to come up with new solutions and digital technology is collectively opening up a lot of possibilities.”
The Uber Eats application was launched in France four years ago and is now available in more than 190 cities and urban areas across the country.
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