SuperMax, Puerto Rico’s fastest-growing supermarket chain, is moving full-speed ahead with its expansion plans. Its latest acquisition, the former Amigo supermarket store in Isla Verde’s Laguna Gardens Sector, brings the chain’s total stores to 11, CARIBBEAN BUSINESS learned. The chain, poised for continued growth both organically as well as from future acquisitions, plans to open at least one new supermarket every year over the next five years, bringing the chain’s network to 16 with a minimum $5 million investment.

José Revuelta, president of SuperMax, confirmed the new Isla Verde store required a $1 million investment and will be operating under the SuperMax name effective Feb. 11. The 24,000-square-foot Isla Verde store will offer extended operational hours, from 6:00 a.m. to 10:30 p.m.

“This is an important developmental milestone for us,” Revuelta said during an exclusive interview. “It’s our 11th store and gives us entry into a part of the [San Juan] metropolitan area where we had no presence. With the Old San Juan store, the Condado location on De Diego, Guaynabo and now Isla Verde, we’re expanding our service area within the metro region,” Revuelta expressed.

Interestingly, the Isla Verde acquisition was prompted by the landlord who approached SuperMax. The transaction, which officially closed Jan. 31, will help support 90 direct jobs, Revuelta said. “Some employees from the previous Amigo store will stay on as well as welcoming new hires. That is always very comforting for customers, who will benefit from SuperMax’s greater variety at competitive prices and will continue to see some of the familiar faces they are used to,” the SuperMax executive noted. Chief among those staying on is Abraham Lebrón, store manager.

Like most SuperMax acquisitions, with the exception the Condado De Diego store, the chain funded the $1 million acquisition in Isla Verde. “It has been a part of our strategy to grow without having to borrow. Our growth philosophy isn’t measured just in terms of sales or company size. Our main goal is to become a premier Puerto Rican company. To the extent that additional locations and organic growth contribute to our goals of excellence, we will continue to add locations,” explained Revuelta, adding that all the while they remain vigilant for new acquisition opportunities or locations that may come up.

“Absolutely, while we focus on our operations’ excellence, our intentions are to continue to grow and we will evaluate every opportunity available, as was the case with Pueblo, where we had an opportunity to acquire three of their stores,” Revuelta explained.

Before the latest Isla Verde acquisition, SuperMax acquired the former Pueblo store on De Diego Avenue. R-G Premier Bank financed the $29.5 million acquisition, which not only includes the standing supermarket operation but also 8,333 square meters of prime real estate at the entrance to Condado, one of Puerto Rico’s premier tourism districts.