Cencosud Posts Sales Rise But Cuts Investment

Chilean retail group Cencosud has reported that its sales in 2008 leapt by 48.8% to reach CLP6.13trn. This growth was fuelled by rising consumer affluence across the region and an ambitious expansion programme that saw the company increase its number of stores and enter two new countries. In September 2008 Cencosud insisted that it will stick with its US$3bn investment plan, despite a slowdown in consumer spending across the region. However, the firm has now revealed that it is going to put the breaks on a US$500mn mega mall, which will cut its 2009 investment plan by US$97mn, and BMI

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