URUGUAY. Grupo Wisa Southern Cone is embarking on a major works programme to expand and upgrade the border stores it has acquired along the Uruguay-Brazil border.
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Marcelo Montico has taken on the role of Managing Director, Grupo Wisa Southern Cone |
The Panamá-based group established its Montevideo office in November 2012, with long-serving Commercial Director Marcelo Montico returning to his native Uruguay to lead the push into the Southern Cone.
Wisa Southern Cone has begun refurbishment work at its border locations, and has already submitted the proposed acquisitions to Uruguay’s Ministry of Economy and Finance. “In terms of renovations, we’re expecting to have the first La Riviera flagship store open by July 2013,” said Montico.
The 850sq m flagship store is on the corner of Avenida Sarandí (Rivera’s main street) and Calle Ituzaingo. Wisa will open a secondary La Riviera store of about 400sq m on a former Colonial store site by August.
It will upgrade and rebrand another 300sq m shop on Avenida 33 as an outlet store (not using the La Riviera name).
In Rio Branco, Wisa will convert the Mauá Free Shop on Avenida Principál to a La Riviera store of approximately 850sq m, with a similar conversion to follow by September for the Mauá store in Aceguá.
Wisa is bringing exclusive brands like MAC cosmetics to the border zone for the first time, and differentiating its three Rivera stores to lead respectively on beauty products, liquor, and consumer electronics.
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An artist’s impression of the La Riviera store that will replace Mauá Free Shop in Rio Branco |
The group’s entry into the US$540 million duty free market on the Uruguay-Brazil border market comes as established groups Neutral and Duty Free Americas Uruguay are investing heavily in new stores and brand launches.
Its Panamian compatriot Saint Honoré has also entered the market with its 2012 acquisition of The Place Free Shops in Rivera, Rio Branco, Artigas and Chuy.
Speaking to The Moodie Report in Montevideo, Montico was upbeat about prospects in the border region, commenting: “We have made good deals and our return on investment profile is very positive.”
A full report on Grupo Wisa’s push into the Uruguay-Brazil border will be published in The Moodie Report Latin America Special Edition in June
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A luxurious atmosphere will welcome customers inside the flagship La Riviera store in Rivera |
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La Riviera will showcase leading brands that are not readily available in southern Brazil |
