mexico retailer soriana says expansion on track Mexico retailer...

mexico retailer soriana says expansion on track Mexico retailer Soriana says expansion on track
July 7, 2004 5:36pm ET (Reuters)

MONTERREY, Mexico, July 7 (Reuters) - Soriana, one of Mexico's biggest retailers, said on Wednesday it will open seven new stores between July and October, keeping on track with its expansion plan for the year to battle competitors.

Soriana said that so far this year it had opened 10 stores, increasing floor space 5.1 percent.

The Monterrey-based company has plans to spend $250 million this year in opening 25 new stores and one distribution center to reach a total of 163 units by the end of December.

Soriana, like other similar sized retailers Comerci and Gigante , has been pressured in recent years by an aggressive expansion of the local leader Walmex , which operates 644 units.

Walmex, majority owned by U.S.-based Wal-Mart Stores Inc. , said recently it plans to open 77 new stores by mid-2005.

Soriana shares closed up 0.47 percent on Wednesday at 34.06 pesos, just off 12 month highs.