After more than forty years as a grocer Mr. August Rego last night completed the sale of the Shopping Centre on Victoria Street in Hamilton to Clermont investments Limited, the parent company of the MarketPlace chain of supermarkets.

The 8,000 square foot building with an adjacent 60-car parking lot has been operating from its current location for more than 35 years.

It brings to eight the number of outlets in the MarketPlace chain, representing an estimated more than 75,000 square feet of combined general marketing across the Island.

The Shopping Centre represents only the second of those eight buildings that are actually owned by Clermont investments. The other six properties are leased.

The new addition will continue to trade under its current name on the three city lot property. And it could take some time before the exclusive MarketPlace products filter onto their shelves.

There have been rumours for more than a year that Mr. Rego, who has been running the business with his nephew, Mr. Stephen Rego, had been interested in selling the business if the right offer came along.

And within the last several months, two or three other interested parties have been known to have made tentative offers. But negotiations, which Clermont yesterday termed "protracted'', had been on and off between the Shopping Centre and MarketPlace owners over the course of a few months.

It is the latest development in the supermarket wars of the last few years.

MarketPlace vice president Mr. Alan Doughty, himself a 35-year veteran of the business who worked for Piggly Wiggly supermarkets when they were taken over by Mr. Alvin Ferreira, the late owner of the MarketPlace, confirmed that his company made the initial approach to Mr. Rego.

Mr. Doughty said: "A lot of people were after The Shopping Centre. At one point we had trouble competing with them. It's been serious competition in this business. We had to double our advertising.'' The MarketPlace stores have used economies of scale probably unparalleled in Bermuda in keeping a lid on the prices of many imported products and have used that same technique to sell their own products, like fresh bread.

Over the years the company has almost singlehandedly been responsible for bringing the cost of soft drinks down. Volume purchasing can reduce the cost per item, savings that can be passed on to the consumer.

Clermont President Mr. John Carr commented: "Because of our group of stores, we have been able to continually buy better and smarter and pass on those economies to the consumer. The purchase of The Shopping Centre can only enhance that programme.'' CHANGED HANDS -- The Shopping Centre has been purchased by the "MarketPlace'' chain. It will keep its name under its new owners.