Santiago, May 15 - Chile's Falabella, one of the region's largest retailers, said on Thursday slower global economic growth is not affecting its investment plans.
Falabella FAL.SN, with operations in Chile, Argentina, Colombia and Peru, has not altered plans to invest some $2.86 billion over the next four years.
"Our investment plan has not changed," said Juan Benavides, the retail chain's chief executive. "Falabella's goal is to continue being a major regional player and that means not only that we will continue with this investment plan, it means we have not ruled out acquisitions either."
Leading competitor Cencosud CEN.SN, with operations in Chile, Argentina, Brazil, Peru and Columbia, said recently it too would stick to planned investments of nearly $600 million in 2008, and $3 billion over five years, as it aims to double sales.
Chile's retailers have shifted their focus to foreign markets within the region because of Chile's relatively mature and saturated retail environment.
Falabella had consolidated sales last year of some $5.7 billion, and Cencosud, of about $7.6 billion. Diversified retail operations of both companies include supermarkets, department stores, home improvement stores and consumer banks.