Living in Peru : your everyday companion

(LIP-ir) -- According to La Tercera newspaper, the Chilean department store chain, Ripley, plans to double its investments in Peru in the next two years with an aggressive expansion strategy.

The chain, which founded itself in Lima in 1997, is planning to invest US$ 200 million in the years 2008 and 2009. Investments will be made to build more shopping centers, new stores and to expand financial business.

Ripley department stores built its first store in Jockey Plaza, a popular mall in Lima, since then the chain has invested US$89 million in stores in Peru. The amount of money which is now being planned on being invested, is twice the amount Ripley has already spent in Peru.

According to La Terecera, Executive Director for Ripley in Peru, Sergio Collarte, stated that the expansion plans include the construction of stores in regions such as Trujillo, Arequipa and Chiclayo, which would be a step closer to expanding to other countries in the region.

"This country has been fertile ground for the development of businesses, especially retail," said Collarte. "Peru has had the political and judicial stability that an investor is looking for. This gives us a great outlook for the future."