US: Wal-Mart linked to "US$150m Argentina investment"
Wal-Mart will invest US$150m in its Argentina operation next year, according to media reports, having already signalled its intent for expansion in China and Brazil.
The Wall Street Journal reported that Wal-Mart is looking to expand both retail stores and a growing export business in the country.
A spokesperson for the company was not available to comment further on the report.
Wal-Mart Argentina began in August 1995 with a Sam's Club in Avellaneda, near Buenos Aires, and in October 2007 it acquired three Auchan stores in the country.
The retailer will have 43 stores in the country by the end of this year, according to yesterday's newspaper report.
Wal-Mart is planning aggressive investment in international markets on the whole, the company announced last week (22 October).
The company said that new international stores were expected to add approximately 23m square feet in fiscal year 2010, and approximately 25m more square feet in fiscal year 2011.
"We will continue our organic growth strategy, with strong capital discipline and optimisation of our portfolio of formats and brands worldwide," Doug McMillon, president and CEO of Wal-Mart International said at the time.
Wal-Mart has placed particularly focus on the growth markets of China and Brazil.
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