Chellarams Plc and the South African firm, Woolworkths, have entered into a joint venture partnership.

A statement by Chellarams on Thursday said the partnership, which resulted in the establishment of Woolworths Retails Stores Nigeria Limited was consummated  Lagos recently with the signing of the Memorandum of Understanding and other necessary documents.

Following the partnership seven additional stores would be established under the auspices of Woolworths Retails Store.

The statement said. Woolworths Retail Stores Nigeria Limited is set to commence business in Nigeria with the planned opening of three stores in Nigeria n December 2011. in addition, and as a futurism agenda, seven more stores would be added to its chin of stores would be added to its chain of  stores in the next three years; making a total of 10. the first three stores will be located in the Victoria Island. Ikeja and Enugu.

It quoted Woolworths divisional Executive (International), Mr John Fraser, and the Group Managing Director of Chellarams Mr Suresh Chellarams as expressing confidence in the joint venture investment between the two firms in Nigeria.

The statement added, this confidence stems from the fact that Nigeria has a large population with growing middle class and upper income groups, as well as the development of retail shopping centers.

Fraser, on his part, was quote as saying. Our joint venture means we can deliver to customers the best retail offering possible tailored to local market needs. Our partners bring knowledge of local trading conditions and we bring the quality, value innovation and fashion our South African customer know and appreciate. It’s the best of both worlds

Fraser added tat Woolworths has refined and improved its merchandise offing for customers in selected African countries. The statement lo described Woolworths as one of the largest chains of retail stores in South Africa with over 350 stores and a turnover $4bn.

Woolworths South Africa. Which opened for business in 19312 is affiliated with marks and Spencer of united kingdom.

The statement further aid. I aims to open a further 16 stores in African countries this year taking the total number of stores to 60 in the current financial year. It currently operates stores in the following 10 African countries: Botswana Namibia Lesotho. Swaziland. Ghana. Kenya. Tanzania, Uganda, Zambia and Mozambique.