Uncertainty persists over the future of the Casino d’Odysseum hypermarket in Montpellier

Le Casino d'Odysseum a ouvert ses portes en même temps que le centre commercial. Midi Libre – JEAN-MICHEL MART

La grande surface attenante au centre commerciale Odysseum n’a fait l’objet d’aucune offre de reprise contrairement aux autres magasins Casino de l'aire montpelliéraine. Les salariés s’interrogent.

The Paris commercial court validated, this Monday, the bailout plan for the Casino group, on the verge of cessation of payments and its takeover by Czech billionaire Daniel Kretinsky. This decision has not, however, removed the serious concerns surrounding the future of the sites which have not, for the moment, been the subject of any offers takeover from Les Mousquetaires, Auchan or Carrefour. The « Giant » d’Odyssseum is part of this list of a little more than twenty establishments. 

A prohibitive rent of 550,000 € per month

The location of this large surface area of ​​19,500 m² is "on stand by" indicates a staff representative sitting on the Central Committee of the Saint-Etienne group. A buyer is still being sought while the future managers of the brand have indicated that they will now favor transfers on a case-by-case basis. The amount of the monthly rent including charges due by the hypermarket, 550,000 €, constitutes a serious obstacle to possible negotiations.
In this uncertain context, hypermarket employees are working to fill the shelves with the same diligence, but their concern is deep. "We are in anguish, in total confusion. We wait, day after day. It seems that management is no more informed than employees. The atmosphere is very heavy" indicates a cashier. One of them wrote a letter addressed to her colleagues where she expressed her distress, but also her attachment to her profession and to this brand (see opposite). "Those who have thirty years of Casino experience behind them are less worried but it’s very different for employees who are 45 years old. And the students who work with us are in panic" she continues. 

Decrease in attendance 

The Odysseum Casino which opened its doors in 2009 at the same time as the adjoining shopping center now has around a hundred employees who are gradually observing a reduction in its attendance, "given the prices charged it’is normal". "The longer things go, the less likely we are to find loyal customers" slips in another cashier."We order less, we destock a little everything except food. Deep down we know that we are going to close. 80% of my colleagues think we are going to close. And we even hope that he will not be bought back. We're fed up" let go of another employee. 

A date comes up in conversations: July 1st. "The Casinos will no longer exist from the beginning of July. Either we are taken back or we close. There will be economic layoffs. So we will defend our rights to have the maximum" underlines an employee who admits a form of resignation. The hope rests on a recovery of the large surface area which would then be split into several commercial spaces. A solution which involves an initial negotiation with the lessor.

The walls were bought in 2022

The Casino group does not own the walls of the hypermarket. of Odysseum. This "hull" belonged to à a professional real estate collective investment organization managed by by Swiss Life Asset Managers France. This real estate asset was the subject of a sale concluded in July 2022. The new buyers are two investment funds, AnaCap Financial Partners, whose head office is &agrav; London and DTZ investors installedé &agrav; Paris.

According to these two partners, the acquisition of 19,500 m² of the Odysseum Casino constituted "an opportunityé unique opportunity to take a real estate position in a very efficient shopping center with a commercial unit offering value creation potential." Their arrival did not modify the lease which linked the Casino &agrave group; the previous owner… no more than the rent.

I subscribe to read more