The Narváez Group, owner of the supermarket chain Almacenes Tía de Ecuador, announced this Friday, November 6, 2020 that it acquired the entire business of the supermarket chain Walmart in Argentina.

In a statement, Grupo de Narváez indicated that, under the leadership of its CEO, Fernando Minaudo, the company will continue to drive the long-term growth of the business in Argentina. In addition, the company committed to continue being one of the largest employers in Argentina, to work closely with its suppliers and to strengthen relationships with the Almacenes Tía businesses in Ecuador and Ta-Ta in Uruguay.

The business group, which operates Tía supermarkets in Ecuador, explained that the US corporation Walmart will continue to support the new business owners in Argentina, through transition services and supply agreements, however, it will not retain a shareholding.

“We are extremely proud of our company, as well as of our associates in Argentina, as they have led and shown resilience this year, serving clients when they needed it most. We are excited to have the local retail expertise that the new owners bring to this strong company, and we believe this agreement creates the right structure to contribute to true development for many years to come, ”said Judith McKenna, President and CEO of Walmart International.

Minaudo stressed that the Narváez Group shares the same values as the US firm. “A customer-centric philosophy, focused on operational excellence, in addition to the commitment we have made to the communities in which we operate. Both the performance of the company and the dedication of its incredible associates during the COVID-19 pandemic have demonstrated the fundamental strength and resilience of the business, "he said.

Grupo de Narváez is a family group, with experience in the retail sector since 1940. With this acquisition, Grupo de Narváez consolidates its presence in nine countries with 656 stores. Until 1999, the Narváez Group owned Tía Argentina, the first national supermarket chain with a presence throughout the country. It currently controls and operates Tía Ecuador and Ta-Ta, BAS, San Roque, Multiahorro, Woow and Frontoy in Uruguay.

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