Move over PriceSmart Walmart may be coming to Panama.
The Free Trade Agreement signed between the U.S. and Panama provides that “any retail business may participate in the local market.” The new provisions of the Agreement take affect in October and may lead the way for Walmart to enter Panama. That is if they can get over the scandals in Mexico. No one would expect them to bribe anyone here any way right?
An article in Laestrella.com.pa reports that the Deputy Minister of International Trade Negotiations, Diana Salazar, said: “There is a letter attached to the Trade Promotion Agreement (TPA) that discusses retail trade, where companies complying with the requirements may operate in the country. ”
“Rumors that Wal-Mart is interested in entering the Panamanian market emerged in 2009. If realized, the U.S. will compete directly with the chains El Rey, El Machetazo, Xtra, Súper 99 y Price Smart, which currently dominate this market segment.
In Central America, the chain has a presence in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica. “
Wal-Mart has had many conversations with Super 99 with regards to a purchase. They have built market presence in Central America through acquisitions. It does not have to have the Wal Mart banner to be a Wam Mart owned store, they are everywhere.