Chilean retailer Cencosud is to invest at least ARS300m (US$101m) in its Argentine operations over the next two years.
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General manager Laurence Goldborne said Cencosud is considering expansion in Cordoba and Tucuman province, reported Dow Jones International News.
Cencosud operates Argentina’s Jumbo hypermarket chain as well as Easy home maintenance centres. It is also trying to acquire Argentine supermarket chain Disco from Dutch retailer Ahold, but the process has been held up in the courts. A successful purchase of Disco would give Cencosud around 22% of the country’s supermarket business.
Cencosud chief executive Horst Paulmann said the company was optimistic about consumer spending in Argentina.
“We’ve had two years of constant growth. We’re expecting growth of at least 4-5% for the next two years,” Paulmann was quoted by Dow Jones as saying.
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