Wal-Mart in US$450 million Brazil deal to revamp S. America presence
AFPSAO PAULO--U.S. retail giant Wal-Mart announced a US$450 million investment Wednesday in a revamp of its Brazilian presence.
October 18, 2013, 12:05 am TWN
Describing the move as part of an efficiency drive in Latin America's largest economy, Wal-Mart said it would shut some small and medium-sized stores while opening 22 new ones and revamping 40 others.
“Walmart is growing above the market average in Brazil,” said Enrique Ostale, CEO of Walmart Latin America.
Present in the country since 1995, the company has 560 store units across Brazil, ranging from small convenience outlets to hypermarkets.