Brazil Property News: Brazilian supermarket sales rise




26th September 2007 09:38


Brazilian supermarket sales in August have risen 6.4 per cent compared with the same month last year, according to new reports.

President of the Brazilian Association of Supermarkets (ABRAS), Sussumo Honda, told CNN Money: "We continue with solid sales growth."

In July this year, Brazil saw the biggest gain in retail sales in more than two years, according to Bloomberg, confirming the increased spending power of the Brazilian population.

The Pão de Açúcar Group is the leader of Brazil's supermarkets and topped last year's ranking of stores by ABRAS, after earning £3.8 million in 2005.

However, the Brazilian chain will face competition from US supermarket giant Wal-Mart which announced this month that it will invest 400 million reais (£101 million) in the north-eastern region of Brazil.

The firm hopes to create 2,500 jobs from the 19 new stores, a further indicator of the steady economic growth in Brazil, making this emerging market an increasingly lucrative property investment.


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