Almacenes Exito
Encyclopedia
Grupo Exito also known as Almacenes Exito S.A. is a leading Colombian retailer that directly operates 262 stores (2009) and others indirectly (through stakes in other companies) that offer a wide range of food and non food products. Though originally a textiles maker and seller (under such brand names as Arkitect, People, Bronzini, Pop Rose) acquisitions more recently (mostly within the last 10-20 years) have further diversified the business making it a major grocer (under brand names like surtimax and carulla sales of food products make up about 70-75% of revenue). At its hypermarkets
(the largest of which is the Exito chain) it sells both packed foods and perishables in addition to department store type products ranging from electronics to furniture.
Almacenes is Colombia's largest supermarket chain.
After being accused of price gouging
in Venezuela (where it controls Cativan) by Hugo Chavez
the Venezuelan leader considered buying a controlling interest in the company.
products and in 1974 it began adding more locations (6 years before the largest location was opened in Bogota, Colombia). In 1994 when there were 4 major locations it went public on the Medellin and Bogota stock exchanges but it didn't become a leading retailer until 1998. By then the company further diversified its business, offering services related to eye care and travel.
The beginning of the 21st century was marked by an acquisitions spree starting with an 80% interest in Venezuelan hypermarket operator Cativen (much of the funds used were raised in the late 1990's when it sold 25% of the company to French group Casino
and attracted investment from JP Morgan). By year end 2010 Groupe Casino
owned 53.89% of Almacenes Exito (down from 67% in September).
-Merged with Cadenalco (formerly Colombia's largest retailer) in 2001.
- In October 2006 Chilean retail giant Cencosud S.A. (operates departments stores, supermarkets and shopping centers) purchased 24.52% of Almacenes Exito from the Toro family for US$273 million (that represented all of the Toro family's interest in it).
-Became associated with textiles and apparel company Didetexco in 2009 (ownership at 97.75%)
In addition the company runs discount stores called Bodega.
Hypermarket
In commerce, a hypermarket is a superstore combining a supermarket and a department store. The result is an expansive retail facility carrying a wide range of products under one roof, including full groceries lines and general merchandise...
(the largest of which is the Exito chain) it sells both packed foods and perishables in addition to department store type products ranging from electronics to furniture.
Almacenes is Colombia's largest supermarket chain.
After being accused of price gouging
Price gouging
Price gouging is a pejorative term referring to a situation in which a seller prices goods or commodities much higher than is considered reasonable or fair. In precise, legal usage, it is the name of a crime that applies in some of the United States during civil emergencies...
in Venezuela (where it controls Cativan) by Hugo Chavez
Hugo Chávez
Hugo Rafael Chávez Frías is the 56th and current President of Venezuela, having held that position since 1999. He was formerly the leader of the Fifth Republic Movement political party from its foundation in 1997 until 2007, when he became the leader of the United Socialist Party of Venezuela...
the Venezuelan leader considered buying a controlling interest in the company.
History
Grupo Exito traces its origins to a Medellin, Colombia family run textile business named after the Spanish word for success (Exito), founded in 1949 by Gustavo Toro. In 1972 it entered the hypermarket business by adding supermarketSupermarket
A supermarket, a form of grocery store, is a self-service store offering a wide variety of food and household merchandise, organized into departments...
products and in 1974 it began adding more locations (6 years before the largest location was opened in Bogota, Colombia). In 1994 when there were 4 major locations it went public on the Medellin and Bogota stock exchanges but it didn't become a leading retailer until 1998. By then the company further diversified its business, offering services related to eye care and travel.
The beginning of the 21st century was marked by an acquisitions spree starting with an 80% interest in Venezuelan hypermarket operator Cativen (much of the funds used were raised in the late 1990's when it sold 25% of the company to French group Casino
Groupe Casino
Groupe Casino is a large French multinational corporation, formerly part of the CAC 40 index, whose main business is with retail and distribution in hyper and supermarkets. The company's head office is in Saint-Étienne....
and attracted investment from JP Morgan). By year end 2010 Groupe Casino
Groupe Casino
Groupe Casino is a large French multinational corporation, formerly part of the CAC 40 index, whose main business is with retail and distribution in hyper and supermarkets. The company's head office is in Saint-Étienne....
owned 53.89% of Almacenes Exito (down from 67% in September).
-Merged with Cadenalco (formerly Colombia's largest retailer) in 2001.
- In October 2006 Chilean retail giant Cencosud S.A. (operates departments stores, supermarkets and shopping centers) purchased 24.52% of Almacenes Exito from the Toro family for US$273 million (that represented all of the Toro family's interest in it).
-Became associated with textiles and apparel company Didetexco in 2009 (ownership at 97.75%)
Subsidiaries/Divisions
- Exito (82 locations between it and Vivero) - Operates hypermarkets throughout Colombia.
- CarullaCarullaCarulla is a Colombian supermarket chain headquartered in Bogotá, Colombia. It was founded in 1905, and now is one of the largest supermarket company in the country...
- (Controlled by Almacenes since 2007, there are 94 supermarket stores) Supermarket operator that markets products under the brand names Surtimax, Vivero, Carulla. Vivero also has departments stores and Surtimax - Pomona (supermarket) - Supermarket operator
In addition the company runs discount stores called Bodega.