Wal-Mart is planning to invest between BRL2bn (US$1.12bn) and BRL2.2bn to fuel growth in Brazil in the coming year.
“The projected capex includes investments in new stores, distribution and technology,” a spokesperson for the US retail giant told just-food. “It is anticipated that between 100 and 110 new stores will be opened during 2010.”
The new stores will focus on the needs of Brazil’s growing middle class, the spokesperson added.
The capital expenditure represents Wal-Mart’s largest investment in the country and is a 30% increase on its spending in Brazil last year.
One of the high-growth potential BRIC countries, in terms of purchasing power Brazil is the ninth largest economy in the world and the second largest in the Americas, after the US.