Jeronimo Martins is set to invest EUR400m (US$551.1m) in Colombia with its first stores due to open next year.

The Portuguese retailer said today (2 November) that the money will be spent between 2012 and 2014 and follows last week’s announcement that the company will enter into Colombia, which will be its third market. 

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Jeronimo said it will also monitor external growth opportunities in the Colombian market.

In addition, the group also said it will invest EUR2.2bn in its Polish unit, Biedronka in a bid to boost sales. The company aims to open seven new distribution centres in six regions between the period, as well as capital expenditure to reach EUR1.6bn over the next three years.

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