Chile’s Cencosud to invest US $230 million in Peru

Isabel Guerra

Chile's Cencosud to invest US $230 million in PeruChilean retail chain chilena Cencosud, owner of Wong and Metro brands, will invest US $230 million and will open ten new supermarkets in Peru, said Juan Manuel Parada, executive in charge of the operation in Peru.

He told Chilean daily El Mercurio that there will be a great expansion towards Peru’s regions and provinces, specially those located to the north and south Peru.

“We think that there are many opportunities yet to discover in Peru, so we have a very agressive expansion plan,” he said, adding that they also want to launch their own credit card.

According to Dow Jones Newswires, the funds slated for Peru are part of Cencosud’s ambitious $800 million Latin American expansion plan for the year, which includes investments in Argentina, Brazil, Chile and Colombia.

Grupo Wong has 27 supermarkets in Peru and concentrates 69% of participation in the local market.

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