Payless to open stores in Colombia

BOGOTA, Colombia Payless ShoeSource, with the help of a joint venture partnership with Colombian retail businessman Samuel Azout, is bringing its stores to Colombia, with 10 slated to open beginning in summer and early fall 2008.

Payless currently operates nearly 200 stores in nine countries throughout the region including in Central America, the Caribbean, and South America. These operations are through existing joint venture partnerships. Payless also has a strong presence in Canada, Puerto Rico, the U.S. Virgin Islands, Guam and Saipan, all of which are operated directly or as wholly owned subsidiaries.

"Payless is on a mission to democratize fashion and design in footwear and accessories for the world, and we are truly thrilled to bring this brand promise to the people of Colombia," said Matt Rubel, ceo and president of Payless ShoeSource. "Through our feasibility studies, Colombia arose as a strong fit for the next step in Payless' international expansion. It's a vibrant country with a large, growing population, expanding spending power, and a strong appetite for on-trend fashion at a great price. We are pleased to be partnering with Mr. Azout -- who has done great things for the steady and marked growth of the retail industry in Colombia -- and want to thank the Colombian government for all its support on this initiative as well. We look forward to a bright and successful future together."

Payless said it believes Colombia could, in the long term, support at least 100 stores nationwide.