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The Chilean DIY chain Sodimac is expanding into Mexico. Its parent company, the Falabella retail group, has concluded a preliminary agreement with the Mexican retailer Soriana. A joint investment plan envisages the opening of around 20 Sodimac outlets in the next five years.
Soriana runs the second-largest supermarket chain in Mexico with 824 stores in 277 towns and communities and annual sales amounting to approx. USD 8.3 bn.
Falabella and Soriana aim to sign off on the final contracts within three months. Apart from its DIY store business, Falabella's financial services provider CMR , which has around five million credit card customers throughout Latin America, is involved. Falabella and Soriana will have equal shares in the two joint subsidiaries to be established. The Mexican Sodimac stores are to be built on sites owned by Soriana across Mexico.
Falabella is happy to be expanding into Mexico "together with a retail group that has an extensive knowledge of the Mexican market," said Carlo Solari, president of Falabella.
Soriana runs the second-largest supermarket chain in Mexico with 824 stores in 277 towns and communities and annual sales amounting to approx. USD 8.3 bn.
Falabella and Soriana aim to sign off on the final contracts within three months. Apart from its DIY store business, Falabella's financial services provider CMR , which has around five million credit card customers throughout Latin America, is involved. Falabella and Soriana will have equal shares in the two joint subsidiaries to be established. The Mexican Sodimac stores are to be built on sites owned by Soriana across Mexico.
Falabella is happy to be expanding into Mexico "together with a retail group that has an extensive knowledge of the Mexican market," said Carlo Solari, president of Falabella.
