Chavez opens supermarkets replacing French-Colombian chain

19th June 2010, Comments 0 comments

President Hugo Chavez Friday inaugurated a chain of hypermarkets his government expropriated from a French-Colombian group earlier this year, that he said were already turning a significantly higher profit.

He said the new 40-strong chain of stores called "Bicentennial Supplies" would be added to the long list of state-run food distribution centers throughout Venezuela.

The Franco-Colombian Exito and Cada chains of hypermarket, of which France's Casino group was majority owner, were accused of price-gouging and expropriated by Caracas on January 20. They since reopened under government management.

Chavez said his administration's lower prices at the hypermarkets have increased customers by 30 percent and profits by 39 percent.

"Socialism is necessarily better than capitalism across the board and, that's what we're proving," Chavez told hypermarket chain managers.

© 2010 AFP

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