Sunday , February 28 2021

Colombia Ara intends to invest $ 670 million for two years to expand its business in AmericaEconomy



Bogota. The owner of the Portuguese company Jerónimo Martins Colombia (JMC), a Portuguese-based company, Jerónimo Martins Colombia, plans to invest $ 560 million to $ 670 million over the next two years to open more stores in the South American country.

In Colombia, they have 475 institutions and, according to published records, they sold $ 502 million in nine months, posted Portafolio.

According to the local media, the JMC will use the loans from the International Finance Corporation (IFC), the World Bank Army, for USD 93 million in the expansion plan for Colombia; in addition to other sources of funding.

New stores would have the same format as current businesses, and each would create between 7 and 9 real jobs. In total, this chain in Colombia generates 4,000 jobs.

South American competition between discount supermarkets is increasing, and it is estimated that they account for at least 10% of Columbia supermarket businesses with a turnover of $ 11.302 million.

Without Ara, they compete in the industry D1, Fair & Good and Cooratyenti.

In late October, Ara announced that it was trying to get out of its brands and focus on a low-priced and high-quality strategy, and the product portfolio is supposed to outperform the market leader in this category.

* With information from Portafolio.co.


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