Mexico City – Wal-Mart de Mexico reportedly plans to increase business investment 7% during fiscal 2014 as it shifts focus from opening new stores to remodeling existing stores. According to Reuters, Wal-Mart de Mexico will spend about $1.1 billion in fiscal 2014, while increasing total floor space by about 5%.
In fiscal 2013, Wal-Mart de Mexico increased floor space by about 7%, opening 235 new stores in Mexico and Central America. CEO Scott Rank reportedly told analysts the retailer will also focus on improving performance at existing stores and in its grocery delivery service.
Wal-Mart de Mexico also reportedly plans to pay an extraordinary dividend of roughly $500 million after the planned sale of its restaurant division goes through. The U.S. Department of Justice is currently investigating the company for allegedly bribing Mexican officials to help get permission to open new stores.