"Peruvian retail sector "catching Walmart's eye"
A plot of land in Chorrillos was acquired by Walmart in 2009 when the chain bought Chilean retailer D&S, which owned the land but had not yet opened any stores, according to Reuters.
Until now, Walmart has had no plans to use the land, but a source in Lima close to the US company told Reuters that, “Walmart’s interest in entering the Peruvian market remains very strong.”
The source went on to say that one of the reasons that the store is likely to open soon is because of a change in leadership.
In March, Enrique Ostalé took over the position of head of Walmart Latin America, and, according to Gestión, he comes from a background in Walmart Chile and understands the potential in the Peruvian market, one of the fastest growing in the region.
Fueled by wider credit availability and a booming economy, Peruvian retail sales are set to grow by 20 percent this year, according to consultant group Araval, as cited by Reuters.
“Walmart’s Latin American operations hold tremendous potential for our company and I look forward to building on our success in these markets,” Ostalé said in the press release. “I am honored to expand our mission across the region to provide many more families, many of whom today lack access to products and services at low cost, the opportunity to live better lives.”
Source: peruthisweek.com
