Japan’s Sumitomo acquires stake in Taiwan’s second largest food retailer
Tokyo-based trading company Sumitomo Corporation ventures into food retailing in Taiwan by buying a stake in Simple Mart Retail Co., operator of the island’s second largest supermarket chain Simple Mart.
According to a report by the Nikkei Asian Review, Sumitomo will pay around US $41.1 million to buy 22% of Simple Mart from Taipei-based investment holding company Mercuries & Associates.
Simple Mart currently operates 627 stores, selling beverages, processed foods, and daily necessities in residential areas and vicinity of markets.
The acquisition would further expand Simple Mart’s business by making use of Sumitomo's retail know-how, selling more Japanese-made products, using data analysis to create customer-oriented sales points, and adding more stores.
Sumitomo has jointly operated Tomod’s drugstore chain in Taiwan with Mercuries & Associates since 2012.
