The first Continente branded hypermarkets in Angola are expected only to open in 2014, the chairman of the Sonae group said in Porto, Portugal Wednesday, explaining that the delay was due to the importance of the project.
As he presented the group’s results for 2012, Paulo Azevedo said it was “a very important investment” in the group’s internationalisation strategy and pointed to 2014 as a “possible” date for opening the first Continente hypermarket in Angola.
“Continente [Angola] is in a stage of joint learning and discussion of operating models, which ahs to be very well prepared and so it is natural that it will take a little longer,” he said.
In order to carry out the Sonae group’s project in Angola a partnership was set up that is 51 percent owned by Condis, which in turn is majority-owned by Angolan businesswoman Isabel dos Santos, and the Portuguese groups owns the remaining 49 percent.
The initial target set by Saone was to open a network of four to six Continente stores in Angola. (macauhub)