Home Depot plans more South American stores
August 20, 1998 07:29 PM
ATLANTA, Aug 20 (Reuters) - Home Depot Inc. said Thursday it plans to open three stores in Chile in 1999 and open its first store in Argentina in the fourth quarter of 1999.
These are in addition to two stores opening in Chile this year, the company said.
"Argentina is the next step to continue growing our South American business, and it will complement and leverage our Chilean store operations, which will begin with the opening of our first store in Santiago on August 27," said Arthur Blank, chief executive officer.
"The Home Depot will build on its solid base of regional vendors and associates to grow the total number of stores in Chile and Argentina to six by the end of 1999."
The company also said Bill Pena has been appointed to the new position of regional president for Argentina and Chile.
Pena will continue as chairman Home Depot's joint venture with Falabella in Chile. Falabella is Chile's largest retailer.
Pena will be based in Buenos Aires. Reporting to him will be Julio Campos, general manager of Chile, and Nelson Tirado, who has been appointed regional vice president of operations for Argentina.
"This sets in place our structure for future development in South America," Blank said.
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