Cencosud plans Almacenes París expansion to Argentina

Cencosud plans to launch the international expansion of department store Almacenes París into Argentina next year. Pablo Castillo, Chief Financial Officer of Cencosud, told the Chilean press that initial options include locations in shopping centres operating in Buenos Aires, such as Unicenter, and in Rosario.

The company launched a public tender offer to acquire Almacenes París that expires on 18 March. The plan aims to merge París into Cencosud, which already operates Jumbo, Santa Isabel, Las Brisas, Montecarlo, the Easy home improvement chain, and shopping centres across Chile and Argentina. Competing alternatives offering a better price for Almacenes París shares can emerge until 8 March, with the Luksic and Consorcio groups, both shareholders in París, identified as key potential interested parties.

The retailer also expects strong synergies in financial services. In the first stage, credit cards from París and Jumbo will coexist and work interchangeably across all conglomerate stores. For Banco París, which the department store opened in November, Cencosud is considering setting up branches across its approximately 120 retail locations in Chile, including shopping centres and supermarkets.