Grocery retailer's investment in Brazil drives growth
Date added: 26th February, 2010 at 09:32
(view all articles from February, 2010)
Categories: Economy
The investment in Brazil by a grocery retailer is helping to drive growth in the country's economy, a report has stated.
According to Companiesandmarkets.com, the decision by Brazil's largest grocery retailer Companhia Brasileira de Distribuicao (CBD) to buy a majority stake in durable goods firm Casa Bahia Commercial aided the Brazilian economy, which is predicted to show five per cent growth this year.
The investment in Brazil represented a diversification for CBD, the report said, with the firm looking to cement its position in the industry while branching away from supermarkets.
However, CBD faces competition with both Wal-Mart and Carrefour, two of the largest supermarket chains in the world, both making an investment in Brazil.
Carrefour was recently rumoured to be considering pulling out of its Brazilian operation, but those claims were denied by the company.
Jean Marc Pueyo, an executive at the French firm, told the Folha de Sao Paulo newspaper that further investment in Brazil would be made by the supermarket chain.
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