January 12, 2018 / 9:08 PM / a year ago

UPDATE 1-Chile's Cencosud says expects $400 mln in investment this year

(Adds company details and comment, paragraphs 2-5)

SANTIAGO, Jan 12 (Reuters) - Chilean retailer Cencosud said on Friday it plans to make $400 million in investments this year and expects revenue of $16.5 billion over the 12-month period. One of the largest retailers in South America, Cencosud said in a statement its investment plan could increase depending on the sale of non-strategic assets.

“The Capex Plan for 2018 includes a base investment plan of $400 million, which could be revised upwards as the plan to divest non-core assets of up to $1.0 billion is executed,” the statement said.

The company has operations in Chile, Argentina, Brazil, Colombia and Peru.

“Investments remain focused on strengthening our value proposition and store competitiveness, innovation, improvements in logistics and technological capabilities, Omni-channel development, selective store openings and the development of the remodeling plan,” the statement said. (Reporting by Felipe Iturrieta; editing by Diane Craft and David Gregorio)

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