Soriana seals deal with Chile's Falabella for Mexican joint venture

Mexican retailer Soriana, the country's second-largest supermarket chain, said on Friday that it had finalized a deal with Chilean retailer Falabella to jointly develop its Sodimac home improvement stores and CMR financial services in Mexico.

According to a regulatory filing, Soriana will offer its Mexican market know-how, and land for opening the home improvement stores, with 20 slated to open in the next five years. The first store should be operational the end of 2017, the Soriana statement said.