The reason families dominate discounting, says Philippe Suchet of Exane BNP Paribas, an investment bank, is their long-term approach: they know that keeping prices low for customers is the only way to survive over generations.

ECONOMIST: European family firms in the recession

But now that Carrefour's core business is under pressure, it may not be able to afford to lose the cushion of owning its own property and thus avoiding rent, says Philippe Suchet, an analyst at Exane BNP Paribas in Paris.

ECONOMIST: Business in France