A PYMNTS Company

Mexico/Peru: Following COFECE shut-out, Cornershop expands in Canada and Peru

 |  August 19, 2019
Mobile app Cornershop will expand its operations in Canada and Peru, following a decision by the Federal Economic Competition Commission of Mexico (COFECE), which prevented its sale to international supermarket chain Walmart.

“Just at the moment when we all believed that Cornershop would be part of the Walmart Group, after the decision[…] we changed some of our plans,” explained Cornershop CEO Oskar Hjertonsson. The Mexican authority argued that the purchase of Cornershop could cause restrictions on competition, and the retailer could refuse to market its products through other platforms.

“However, Toronto has maintained. It is a movement that was a mixture between opportunism and stubbornness,” explained Hjertonsson. He added that the decision to launch the Cornershop service in Lima is seen as a rational move. “Lima is a very large and important city, it is close to Chile and the market is similar to ours… we have a lot of experience in terms of operating online services in Peru.”

Full Content: El Financiero

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.