MEXICO CITY (FNS) -- Kmart Corp., Troy, Mich., entered the Mexican market last week with the official unveiling of two Super Kmart Centers outside the capital.
Joseph Antonini, chairman, president and chief executive officer of Kmart, attended last Monday's inaugural party at the Super Kmart in San Mateo, a Mexico City suburb. He said it's too early to say whether Kmart will follow through with earlier plans to open 10 stores each year for the next five years in Mexico.
"We haven't finalized those plans yet," he said. "We haven't yet determined how many Super Centers we're going to open in Mexico. We'll see how the first two stores do and we'll proceed from there."
The Super K, which had a "soft" opening May 16, is a product of Kmart's joint venture with El Puerto de Liverpool, a chain of 17 department stores.
About 50% of the Super K's selling area is alloted to food.
The two new stores -- which are 49,000 and 62,000 square feet -- cost $30 million to build and stock, said Juan Suberville, director general and chief executive officer of Kmart Mexico.