SONAE DISTRIBUTION is to open five new retail stores per week over the next three months.
The company forms part of the empire of Belmiro Azevedo and pertains to non-food outlets including cut-price electrical goods store Worten and sports clothing outlet Sport Zone.
Sonae Distribution’s retail arm represents around 28 per cent of the company’s business, which brought in a 2,400 million euro (2.4 billion) turnover in the first nine months of 2007.
During this period, Sonae, which also owns supermarkets Continente and Modelo and newspaper Publico, invested 171 million euros modernising its shops.
From a total of 60 new outlets to be opened, 95 per cent will be non-food retail outlets, although there will be three new Modelo and Continente openings.
Sonae has decided on a programme of expansion and modernisation largely because it has seen overall sales skyrocket by 15 per cent in the non-food sector of its retail business in the past 12 months.
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