La Polar sets sights firmly on Colombia

The general director of La Polar, Pablo Alcalde states that of late the markets have misread the retail sector and he has persuasive arguments to offer, mainly contained on the Chilean chain's balance sheet profits for the department-store group grew 50% in the first semester, a better result than its better-known brethren Cencosud and Ripley. Aimed mainly at the social classes C3 and D, La Polar is at work on expansion into Colombia, where it plans to open six stores in the coming years. In Chile, it will open another six through 2010-2012 too, using the funds that will be raised in the capital increase La Polar had approved on Friday (of Peso$50bil). The plan is to buy stores in Colombia, sell them off and lease them back.

Publication: SABI - Business News
Provider: South American Business Information
August 29, 2009