Leclerc “sees no” recovery, but consumer spending “holds steady”

Michel-Edouard Leclerc, head of the eponymous retail group, “does not see” a recovery in France, even though consumer spending “held steady” throughout the summer, he stated on Sunday.

The CEO of the French retail giant also called on the government “not to implement” measures that would undermine purchasing power for “a year or two.”

“Consumer spending is holding up, but it is very fragile,” Michel-Edouard Leclerc stated on Europe 1 regarding summer trends across his supermarkets and hypermarkets.

But as for whether he observed signs of economic improvement, “the answer is no, I do not see a recovery,” he replied.

Since the presidential election, “France has not collapsed, but it hasn’t moved forward either,” he summarized.

As for the measures he is recommending to the government, he “would like them to stop implementing them,” stating that he is speaking from the perspective of “a French household” and “not as a business leader looking to push his own agenda.”

“There is an urgent need for the next year or two to avoid touching purchasing power, nor the CSG, nor VAT,” he argued, expressing skepticism regarding the “fiscal pause” now promised by the executive branch.

« There is no visibility (…) Households need to be able to plan their spending,” he continued, suggesting that we “stop the back-and-forth.

The head of Leclerc has confirmed his belief that the company will overtake Carrefour to become the leading retailer in the French market next year.

Its market share briefly overtook that of the long-standing leader in June. According to the latest figures for July, Carrefour held 20.3% of the market, while Leclerc stood at 19.3%.