Mega stores part of Soriana purchase.
Mexico’s second-largest retail chain has reached an agreement to buy 160 stores from Comercial Mexicana, putting an end to months of rumors.
Organización Soriana will pay 39 billion pesos, about US $2.7 billion, for the stores, which operate under the names Comercial Mexicana, Mega, Bodega Comercial Mexicana and Alprecio.
Comercial Mexicana will retain ownership of 40 stores that operate under the Fresko, City Market and Sumesa names.
Soriana said the purchase will bump its annual sales by 37% and increase its work force by 21,300.
Comercial Mexicana began operating in 1930, selling textiles in Mexico City.
In October it was reported that negotiations were under way with Grupo Comercial Chedraui but nothing materialized.
Mexico’s No. 1 retail chain is Wal-Mart with 2,289 stores and 44.2% market share. The Soriana-Comercial Mexicana deal, which is subject to various approvals, will give Soriana 824 stores and 15.9% market share.
Chedraui is in third place in the retail market with 214 stores and 4.1% share of the market.
Source: Dinero en Imagen (sp)
Organización Soriana will pay 39 billion pesos, about US $2.7 billion, for the stores, which operate under the names Comercial Mexicana, Mega, Bodega Comercial Mexicana and Alprecio.
Comercial Mexicana will retain ownership of 40 stores that operate under the Fresko, City Market and Sumesa names.
Soriana said the purchase will bump its annual sales by 37% and increase its work force by 21,300.
Comercial Mexicana began operating in 1930, selling textiles in Mexico City.
In October it was reported that negotiations were under way with Grupo Comercial Chedraui but nothing materialized.
Mexico’s No. 1 retail chain is Wal-Mart with 2,289 stores and 44.2% market share. The Soriana-Comercial Mexicana deal, which is subject to various approvals, will give Soriana 824 stores and 15.9% market share.
Chedraui is in third place in the retail market with 214 stores and 4.1% share of the market.
Source: Dinero en Imagen (sp)
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