Retailers Reign In Spending In Response To Downturn

Colombia's two biggest retailers have announced a massive reduction in investment for 2009. The country's largest retailer, Almacenes Exito, which is a subsidiary of France-based Casino, has stated it will invest COP190bn in 2009, down from COP500bn in 2008. Meanwhile, the Colombian unit of Carrefour has revealed it will invest EUR100mn in 2009, compared with EUR200mn in 2008. This reduction in spending is in response to a significant deterioration in the economic situation, which has had a damaging impact on retail

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