Sonae Optimistic About Food Retail Growth In Portugal
Portugal's biggest retailer, Sonae, expects the domestic market to grow at one of the fastest rates in Europe until 2022 and plans to open more local supermarkets and boost its online sales to tap this growth.
Sonae, which runs 173 Continente hypermarkets and large supermarkets, Worten consumer electronics stores and Sportzone stores, said in a presentation that Portugal's grocery retail sales were forecast to grow 2.9 percent on average a year to 2022.
This is set to outstrip sales growth of 2.2 percent in Europe as a whole.
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