Portuguese retail group Sonae MC will continue to focus its strategy on promotions to boost its leadership position in the country’s competitive food retail market.
In an interview with Reuters, Sonae COO, Luís Reis, said that the strategy has resulted in a 0.3 percentage point increase of market share during the first quarter of 2016, to 27 per cent.
He admitted that there has been a decrease in profit margin, but that this was “accepted strategically”.
In a separate interview for local daily Diario Economico, Reis announced that Sonae will open its first Continente hypermarket in the UAE this year, in partnership with local retail group Fathima. He added that the location for the store, which will be operated as a franchise, has already been chosen.
Reis also said that international growth continues to be a priority for the group and that Sonae is “open to new opportunities” for the expansion of its Continente brand.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.
