Costco to buy out partner in Mexican unit - Reuters Costco to buy out partner in Mexican unit - Reuters
free web site traffic and promotion

Thursday, June 14, 2012

Costco to buy out partner in Mexican unit - Reuters

Costco to buy out partner in Mexican unit - Reuters

MEXICO CITY | Thu Jun 14, 2012 1:19pm EDT

MEXICO CITY (Reuters) - Warehouse club operator Costco Wholesale Corp plans to buy out its joint venture partner Comercial Mexicana's 50 percent stake in its Mexican unit for 10.7 billion pesos ($766.79 million) and take full control of the business in its third-largest market.

The joint venture, Costco Mexico, which is operated by Costco Wholesale (COST.O), will pay a cash dividend of about 4.8 billion pesos ($343.98 million), to be split equally between Costco and Comerci (COMEUBC.MX), as the Mexican retailer is locally known.

Costco will use the dividend to fund the purchase.

Shares of Comerci surged after the announcement, advancing as much as 12 percent.

Comerci, which operates the upscale City Market stores, discount stores and restaurants, agreed to a debt restructuring deal with creditors in 2010 after heavy losses on currency derivatives caused it to default on obligations in late 2008.

"With this transaction, CCM will benefit from a stronger financial position that will allow it to significantly boost its growth outlook in the coming years," Comerci said in a statement.

The Costco-Comerci relationship dates back to the early 1990s when Costco merged with Price Co, with which Comerci had a joint venture partnership.

The deal is subject to approvals from the Mexican Federal Competition Commission and shareholders of Comercial Mexicana, the companies said in a statement.

Jaime Gonzalez Solana will continue as CEO of Costco Mexico.

Issaquah, Washington-based Costco operates 32 outlets in Mexico, its third largest market after the United States and Puerto Rico and Canada.

(Reporting by A. Ananthalakshmi and Mihir Dalal in Bangalore, Phil Wahba in New York, Rachel Uranga in Mexico City; Editing by Bernard Orr)



Mariners make wholesale roster changes - YAHOO!

Seattle sends Carp, Pryor to DL; calls up …

SEATTLE (AP) The Seattle Mariners have placed outfielder Mike Carp and reliever  Full Story »Seattle sends Carp, Pryor to DL; calls up 4

The Associated Press



France's Unibail in German shopping centre deals - The Guardian

Commercial and Business Director

Liverpool, Chester | £50,000 + PRP of up to £50,000

FACT



Savoo Launches 'Grocery' Savings in Response to UK Research into Retail - PR Newswire

LONDON, June 14, 2012 /PRNewswire/ --

  • mySupermarket and Savoo join forces to get Britain the deals it wants
  • The UK's recession means we look for deals more than ever before

Research from Savoo, the UK's fastest growing money saving and voucher code website, shows the UK's shopping habits have changed dramatically in the last three years, but it is grocery shopping where the UK consumer wants to make the most savings and get the best deals.  On the back of this informative research, Savoo has teamed up with mySupermarket in a ground-breaking initiative to offer its users access to the very best deals from all the UK major supermarkets.

Savoo's research shows a staggering 85% of women surveyed would use a discount code or coupon in supermarkets if it meant they would get a better price - perhaps indicating the UK is heading towards the extreme couponing culture of the US.  Traditionally polite Britons are also changing their attitudes to using voucher codes, with 80% of respondents not being embarrassed to make a saving on the items they purchase compared with 70% two years ago.

Simon Bird, General Manager of Savoo commented, "This research shows how the UK is a nation of savvy shoppers using voucher codes and deals to get the best prices all the time with grocery prices, understandably being top of the agenda.  We wanted to create an online solution for our members and we are delighted to be working with a brand like mySupermarket that has a first class solution to our problem"

James Foord, VP Business Development at mySupermarket remarked, "We are delighted to be working with Savoo to help more customers become savvy with their grocery shopping.  With over 30,000 special offers currently available across the supermarkets, it's impossible for consumers to find the best deals for them, so we do this for them, helping them to cut their weekly grocery bill by 20%."

Other findings show the north / south divide strikes again, as it's the savvy people of Glasgow that make the most of discount vouchers by saving an average £526 a year on their grocery shopping, compared to the not so savvy people of Plymouth who only save £4.10 a week.  Perhaps not surprisingly, it's the internet savvy young people of the UK that make the most of online deals and discounts with those aged 16-24 saving an average of £8.40 on their weekly shopping compared to those aged 55+ who save on average £5.

Savoo has over 200,000 deals on its site and is the only deal provider in the UK to offer consumers a 'personalised' deal newsletter and a customised and unique homepage.  This page is packed with deals the consumers want and have asked for, eliminating the hundreds of daily deal emails and alerts that plague a user's inbox.

Notes to editors:

The research was carried out by Opinion Matters between: 16 / 02 / 2012 and 21 / 02 / 2012

Sample: 1365

To use the Savoo infographic please use the following embed code:

<a href="http://www.savoo.co.uk/blog/post/Infographic-How-We-Use-Discount-Vouchers.html"><img src="http://cdn.savings.com/logo/3236680.jpeg" width="500" alt=""/></a><br/> Produced by <a href="http://www.savoo.co.uk/">Savoo.co.uk</a>

About Savoo

Savoo http://www.savoo.co.uk  prides itself on being the only UK voucher code and deal finder site which never knowingly lists expired vouchers or offer codes. Also, the best deal of each of their consumer categories is presented prominently using its unique algorithm which ensures that the best deals always rise to the top.  Savoo has a dedicated team of researchers whose sole responsibility it is to find the best deals available 24 hours a day, and provide rigorous quality control.

Savoo's goal is to offer its customers the easiest and most powerful way to find, prioritise and distribute the best deals and information to help its users make intelligent decisions with their money.  They extensively leverage technology, automation, community and elegant design to provide the most useful experience in a fun and rewarding way.

Savoo is the only voucher code site to offer a bespoke personalisation tool where visitors can now choose the deals and merchants they want to receive information on.  Savoo now also offers consumers a comparison service that helps savvy shoppers get the best on mobile, broadband, flights and holidays.

Savoo launched in March 2009 and was created to address the frustration of generally which is a poor consumer experience from other discount and voucher sites.  Savoo has been determined from the outset to build a more comprehensive Internet destination where users can find deals that suit them in a manner that's convenient to them. Savoo is the sister site of the highly successful US coupon and deal giant Savings.com http://www.Savings.com.

About mySupermarket

Founded in 2006, mySupermarket has grown from a small start up to a global retail site.  It is the only independent grocery, wine and health & beauty shopping and comparison website in the UK. The site allows users to shop and compare products and prices across Tesco, ASDA, Sainsbury's, Waitrose, Boots, Superdrug, Ocado and Majestic Wine online stores. They are a 'one stop shop' for every single product available at the country's leading online supermarkets.  

mySupermarket guarantees that shoppers will get the best possible value for money for their weekly shopping while enjoying an easier and more consumer-friendly shopping experience. With a record 30,000 special offers currently available, shoppers are guided towards the best deals, helping them to cut their weekly bill by 20%, saving an average family £800 over the year.

Back to top


No comments:

Post a Comment