Retail giant Wal-Mart has announced plans to invest up to US$130m in its Argentina operations, with the opening of 12 to 15 new stores in the country during 2009.
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Wal-Mart anticipates that the new store openings will create more than 2,000 jobs, and are being built in a bid to “lower prices for many Argentinians”, the retailer said yesterday (12 August).
Craig Herkert, president and CEO for the Americas, was one of a group of top executives who announced the investment to the President of Argentina, Cristina Fernández de Kirchner.
He said: “This growth will develop the business of small- and medium-sized suppliers in Argentina. Our experience is that, everywhere we operate, our company reduces prices for all consumers simply by being a good competitor, and that is a benefit to everyone.”
The company said it expects to have 27 stores by the end of this year, and more than 40 by the end of next year.
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By GlobalDataWal-Mart has operated in Argentina since 1995 and operates 21 supercenters in 17 cities. The company also operates three Changomas stores in La Rioja, Salta and Santiago del Estero, and a distribution centre in Moreno, Province of Buenos Aires.
Beatriz Nofal, president of the National Agency for the Development of Investments said: “Wal-Mart investment are as a result of the company’s outstanding performance within Argentina’s market growth and a signal that reflects the trust with regards to the country’s economy future.”
