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ELG intends to grow its position in US multi-brand luxury retail through a model spanning physical stores, digital commerce and remote selling channels.
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The deal will be executed through Cencosud's subsidiary Cencosud Internacional and financed entirely from internal resources.
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GlobalData's latest research shows confidence has improved, but spending remains focused on seasonal purchases over home goods.
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By the end of the quarter, the group had 3% fewer stores than a year earlier.
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The store growth goal will be achieved through a combination of targeted acquisitions and development in both current and new markets.
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