News & Articles
February 25, 2008
Costa Rican Electronics Retailer Buys Competitor
(The Tico Times) Costa Rica's largest electronics group has purchased one of its few remaining competitors.
Grupo M Holding, owner of Importadora Monge, Play and Gallo más Gallo, picked up home appliance retailer El Verdugo.
The move will leave Grupo M with 205 stores in Costa Rica. Gollo, the group's closest competitor, operates 103 sales points, while other competitors like Hogar Feliz and Casa Blanca operate a few dozen.
Grupo M will keep the El Verdugo brand, adding its 22 locations to its portfolio. CEO Gastón Monge told weekly El Financiero that the company plans to expand aggressively in order to double revenue by 2011.
Last year, the company grossed about $500 million in sales.
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