US retailer steps into Colombian market
With consumer spending rising around the globe, US footwear retailer Payless ShoeSource has decided to further expand its international presence and step into the Colombian market through a new joint venture led by Colombian retail businessman Samuel Azout.
Through the partnership Payless plans to open ten new stores in the South American country beginning in summer and early autumn 2008.
Commenting on the retail potential in the Colombian market, CEO of Payless, Matt Rubel said, "Through our feasibility studies, Colombia arose as a strong fit for the next step in Payless' international expansion. It's a vibrant country with a large, growing population, expanding spending power, and a strong appetite for on-trend fashion at a great price.”
The company already operates nearly 200 stores in nine countries throughout the region including in Central America, the Caribbean, and South America and has a strong presence in Canada, Puerto Rico, the USA, Virgin Islands, Guam and Saipan.
Payless is a business unit of Collective Brands, Inc. which also operates Stride Rite and Collective Licensing International.
