Portuguese retail brand Pingo Doce has announced that it is to commence operations in the Azores.
The Finançor Group, through its subsidiary Finançor – Agro – Alimentar, S.A. (Finançor), and the Jerónimo Martins Group, have signed an agreement to expand operations to include the Azores food sector, under the Pingo Doce and Recheio banners.
This partnership between supermarket giant Pingo Doce and cash-and-carry chain Recheio will play a significant part in bolstering national coverage of both banners, Jerónimo Martins said in a statement.
Under the terms of the agreement, which is still awaiting official approval, Jerónimo Martins will hold a minority share of 20% in Finançor Distribuição Alimentar, S.A. (formerly Marques Comércio a Retalho, S.A.) and Finançor Cash & Carry, S.A. (formerly Marques Comércio por Grosso, S.A.).
This move is further proof of Pingo Doce's willingness to experiment in new markets, having previously opened a checkout-free supermarket near its base in Lisbon, it said.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Conor Farrelly. Click subscribe to sign up to ESM: The European Supermarket Magazine.
