Valora expands its activities in the fast growing convenience store sector

Valora and Migros are pursuing different strategies in their convenience store activities. The two firms have therefore signed a declaration of intent which defines how their existing joint venture in this area will be dissolved. The 34 avec. units currently operated by Cevanova AG, which is jointly owned by Valora and Migros, as well as those now in the planning phase, will be split 50-50. Valora will retain the avec. brand, which it will continue to develop for its convenience stores, while the units assigned to Migros will be re-named. The split will be carried out based on the status as at the June 30, 2008 half-year closing.

After the split, the avec. stores will continue to carry Migros products. Valora will also continue to supply existing and future Migros convenience stores and Migrol filling station shops.

As a result of this agreement, Valora will initially run a total of 38 avec. convenience stores, which it intends to expand to more than 100 outlets by the end of 2009. Expansion plans include both new site openings and the transformation of some existing k bistro formats into avec. units. A roll out beyond Switzerland’s borders is also being considered. The move underscores Valora’s objective of strengthening its position in the rapidly growing convenience store sector, basing its expansion strategy on the well positioned avec. brand.

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