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Retail

Assaí Ends Year With 2021 Outlets, Targets 300 By 2022

Brazilian wholesale chain Assaí has reached the milestone of 200 outlets with the opening of a new unit in Curitiba.

By the end of 2021, the banner will have invested more than R$ 2 billion (€313 million) and added more than 400,000 square meters of floor space, with the opening of 28 new shops, reports O Estado de Sao Paulo.

Elsewhere, Assaí will open its first point of sale in Acre this month, extending its presence to 24 states across Brazil.

Extra Hiper Conversion

For the next few years, Assaí's expansion process will include the conversion of 71 Extra Hiper hypermarkets acquired this year, creating up to 20,000 new jobs, double the current number generated by the same shops.

In 2022 alone, some 40 Extra Hiper stores will be converted to Assaí, in addition to the opening of 16 to 18 new outlets.

For 2023, the goal is to hit the 300-store mark and, by 2024, reach the target of R$ 100 billion (€15.6 billion) in sales, up from R$ 39 billion (€6.1 billion) in 2020.

Positive Results

The expansion strategy has also reflected in Assaí's results, which have been growing at an average annual rate of 30% and gaining market share.

The positive trend was confirmed in Q3 2021, with Assaí posting gross sales of R$ 11.7 billion (€1.8 billion), up by R$ 1.6 billion.

Following the spin-off from Brazilian food retailer GPA in March 2021, Assaí became Brazil's first cash & carry company to be listed on the São Paulo Stock Exchange (B3), in addition to also being listed on the New York Stock Exchange (NYSE).

Both Assaí and GPA are owned by French retail group Casino.

© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine

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