Santiago, April 15 - Chilean retailer and leading supermarket operator D&S said on Tuesday it plans to enter the Peruvian market as part of its expansion in Latin America.
D&S announced a month ago it planned to speed up its expansion plans after Chile's anti-monopoly tribunal ruled in January against a merger with fellow top retailer Falabella -- a deal that would have created Latin America's No. 2 retail group, with a market value of about $15 billion.
"Peru is a tremendous market," Silvio Rostagna, general manager of D&S Retail Chile, told reporters after taking part in a business forum.
"Falabella is there, Cencosud is there, and we are going to be in Peru," he added, referring to D&S's competitors.
A year ago, D&S unveiled plans to invest $1 billion through 2010, with plans to expand to at least three countries in the region.
It has already entered the Peru market through a minority stake in a wholesaler there, but has not yet opened its own supermarkets yet.
Chilean retailers are seeking new avenues to expand, with many of them setting their sights on the rest of the region for growth opportunities.
The Peruvian market is dominated by retailer Grupo Wong, which Cencosud acquired in December.