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Retailer Walmex to invest around $2 billion in 2024

Reuters
·1 min read
FILE PHOTO: Logo of Walmart is pictured outside a store in Mexico City

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.

(Reporting by Valentine Hilaire; Editing by Sarah Morland)