Posted: May 3, 2011 4:24 PM by Gene Cotton
Updated: May 3, 2011 7:00 PM
SAO PAULO (AP) - Wal-Mart says that by the end of the year it will have invested the equivalent of $755 million to expand its operations in Latin America's biggest country.
Marcos Samaha, president of Wal-Mart's Brazilian subsidiary, said in a Tuesday statement that 1.2 billion reals ($755 million) will be used to build 80 new stores, renovate already existing units and improve logistics.
Samaha says that the company's expansion in Brazil is due to its "excellent economic growth potential."
Over the past five years Wal-Mart Stores Inc. has invested 6
billion reals ($3.8 billion) in Brazil to build 177 stores.
Wal-Mart has become one of Brazil's largest retailers after
acquiring several local chains such as Big and Bom Preco.