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Mexican retail chain Chedraui to acquire stores in US

RBR Staff Writer Published 27 July 2012

Mexican retailer Grupo Comercial Chedraui plans to purchase eight stores from its competitor in California.

The grocery and department store chain, which currently operates 221 stores in Mexico and the US, is expected to close the deal by the end of August 2012.

Earlier, the retailer announced its plans to build 16 stores this year, which is only over half the number it opened in 2011.

Grupo Comercial Chedraui chief executive Antonio Chedraui said that the store opening plan could be increased by 10-20%.

The Mexican retail chain reported 5.4% drop in its second quarter net profit. However, its same-store sales for the quarter rose by 3.3%.