According to local media sources, the Spanish supermarket chain DIA has hired the investment bank Societé Générale to investigate the possibility of selling its operations in Portugal.
According to reports, DIA is reportedly considering selling up its Portuguese retail operation, Minipreço, as a result of the division’s subpar financial results.
Portugal, one of its four countries, saw the worst growth in 2022, posting sales of €596 million, a gain of 0.5% annually.
In comparison, Spain’s GDP increased by 5.4% to €4.43 billion, Brazil’s GDP increased by 10.9% to €889.5 million, and Argentina’s GDP increased by 30.8% to €1.36 billion.
DIA has remained silent regarding the news, stating that it is instead concentrated on “daily business operations to continue advancing its transformation” and that it is “continuously evaluating various investment and divestment opportunities, with no decision in this regard having been made to date.”
In Portugal, DIA has 499 Minipreço stores, 297 of which are franchisees, together with four distribution hubs that collectively employ about 3,000 people.
Last year, DIA closed 25 Minipreço locations, reducing its overall retail network in the nation by 7%.
Along with selling 235 large-format supermarkets for €267 million, the firm also sold its 1,015-store network of perfume shops, Clarel, to the Alcampo chain for €60 million.
The Spanish retailer is renewing its attention on its core business, food distribution, and neighborhood stores as part of its increasing focus on closeness.