Carlos Slim's Mexican Retailer Sanborns Considers New York City LocationCa
Billionaire Carlos Slim’s Mexican retail chain is considering opening a location in New York City to expand in the U.S.
Sanborns, the retailer owned by Slim’s Grupo Carso SAB, hasn’t made a final decision on the location, Arturo Elias, Slim’s spokesman and son-in-law, said in an e-mail. He didn’t provide a timeframe in which the company would decide.
New York would be the first U.S. market for Sanborns. The chain has about 160 locations in Mexico, selling books, televisions and chocolates.
In Mexico, most Sanborns locations house a restaurant selling traditional Mexican food and a bar. The retail chain, founded in 1903 and acquired by Slim in 1985, had sales of 10.2 billion pesos ($825 million) last year, almost all from Mexico, according to Grupo Carso’s annual report.
Slim has boosted his real-estate investments this year in New York. He was part of a group of investors who paid $44 million for a townhouse on Manhattan’s Fifth Avenue in July. His family’s closely held investment vehicle, Inmobiliaria Carso SA, also bought an office tower at 417 Fifth Ave. for $140 million in June.
Slim, a New York Yankees fan, is the biggest shareholder in New York-based luxury retailer Saks Inc. and holds a stake in publisher New York Times Co. Reuters reported Sanborns’s New York City plans earlier today.
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