Chilean retailer Cencosud has announced it will be investing less in expansion this year as it focuses on consolidating its Brazilian and Colombian operations.

The company said it will invest US$425m in South America in 2014. Last year’s planned investment was $731m.

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According to a report carried by Reuters, CEO Daniel Rodriguez said the company would continue to grow, “but at a different speed,” confirming there would be no new purchases as the company focused on consolidation this year.

Cencosud’s 2014 investment plan includes a $210m allocation for the opening of 51 new stores, $75m on the maintenance of existing stores and $100m on IT and e-commerce.

Cencosud has a presence in five countries and employs 140,000 employees.

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