Opening of Angola’s first Continente hypermarket delayed

31 March 2014

The opening of the first Continente hypermarket in Angola still has no scheduled date, said Paulo Azevedo, the chief executive of Portuguese group Sonae, “due to delays in the real estate component,” of the project.

Noting that he was, “relatively optimistic,” about the project going ahead, Azevedo declined to name a date for the first store to open, saying only that “when we open it, we will do it well.”

“Early on we realised that the project would take longer than initially expected because of the real estate component, which is the responsibility of our business partner,” Azevedo said during the presentation of the Sonae group’s results for 2013.

The partnership between Sonae and Condis (a company controlled by Angolan businesswoman Isabel dos Santos) for Continente in Angola was established in April 2011, when the idea was to open four hypermarkets in Luanda, one in Huambo, a training school and a producer’s club. The first store had been expected to open in 2013.

A year ago, at the group’s results presentation, Azevedo admitted the process was facing difficulties and said the first store would open in 2014 or 2015.

In 2013, the year in which the group stopped consolidating the Optimus telecommunications business, Sonae posted profit of 319 million euros against 33 million euros in 2012. (macauhub)