Saieh-rendic group buys another supermarket chain

The Saieh-Rendic group, Chile’s third-largest owner of supermarkets, announced Friday its purchase of the Ribeiro supermarket chain. This purchase represents the thirteenth acquisition made by the group, created in December by a partnership between businessman Alvaro Saieh and the Rendic family, Ribeiro - run by the Gonzalez family- has seven stores in the Santiago Metropolitan Region and a 0.2 percent of the national supermarket share.With this latest purchase, the Saieh-Rendic conglomerate, which also owns Farmacias Ahumada, now has close to 14.7 percent of the market, with around US$1.3 billion in annual sales.

Earlier this year the Saieh-Rendic group purchased the supermarket chains Los Naranjos in Region IV and Korlaet in Region II. The Saieh-Rendic’s presence in both Region V and the Santiago Metropolitan Region is increasing where it already owns the Bryc, Unimarc and Montserrat chains.

Still, the company’s market share is still well below D&S, which owns Líder, and Cencosud, which owns Jumbo. D&S and Cencosud control 33.5 and 31.3 percent of the market, respectively (ST, May 1).

SOURCE: LA TERCERA

Publication: Santiago Times
Provider: Chip News
Date: June 9, 2008