J.Martins sees 1,000 Colombia stores by 2020, to pump up to 600 mln euros
LISBON, March 15 (Reuters) - Portuguese retailer Jeronimo Martins plans to expand its supermarket network in its newest market Colombia to around 1,000 stores by the end of 2020, up from 142 stores at the end of last year, on investment of at least 500 million euros.
Jeronimo Martins, whose main revenue-generating unit is in Poland, said in a presentation it will open between 70 and 100 stores in the Latin American country this year. Also, at least one distribution centre per year should be opened until 2020.
Jeronimo Martins, which does not expect EBITDA to turn positive in Colombia before 2018, projected an investment of between 500 million and 600 million euros in the country, at constant exchange rate, over the five-year period.
(Reporting By Andrei Khalip, editing by Axel Bugge)
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