The two retailers will each invest $20 million and open four PriceSmart stores in Mexico within the next 18 months, two at the end of this year, with the possibility of further expansion investment.
``We are very excited about the opportunity to work with Gigante to develop PriceSmart into a respected name in retail in Mexico,'' says PriceSmart Chief Executive Officer Gil Partida. ``This is a remarkably good fit for us.''
Analysts said the move would bring Gigante into the Mexican retail's most dynamic sector, where retail powerhouse Wal-Mart de Mexico (Walmex) and Comerci dominate with their Sam's Club and Costco stores.
Gigante has 431 grocery and retail stores in Mexico. The two companies agreed to put PriceSmart in charge of managing the new stores.
PriceSmart, headquartered in San Diego, has 24 warehouse clubs in 11 countries in Central America, the Caribbean and Asia.
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