Retailer Walmex to invest around $2 billion in 2024
© Reuters. FILE PHOTO: The logo of Walmart is pictured outside a store in Mexico City, Mexico July 27, 2023. REUTERS/Henry Romero/File Photo
MEXICO CITY (Reuters) – Mexican retailer Walmex is set to invest around 34.5 billion pesos ($2.05 billion) in 2024, up 19% from previous year, according to a filing published on Tuesday.
Some 45% of the investment will be used for remodeling and maintenance work of its existing stores, with another 29% set for new openings and expansions.
The company’s supply chain will benefit from 15% of the investment, while the remaining 11% will be destined to boost e-commerce and the implementation of new technologies.
The chief executive of the Mexican retailer Guilherme Loureiro said last month that the company was in a position to continue to grow its footprint in Latin America’s No. 2 economy, after 2023 marked its fastest year for adding new stores in a decade.
