AddThis

Wal-Mart to Invest $1.1B in Expansion

Bentonville, Ark. Wal-Mart plans to invest up to 1.8 billion reais ($1.1 billion) in Brazil to open 80 to 90 stores in 2009, the company said in a statement on Wednesday.

Wal-Mart is spending 1.2 billion reais to open 36 new stores in Brazil's fast-growing market in 2008, the statement said.

"Brazil is highly strategic for Wal-Mart. We will continue to accelerate our growth here in Brazil," said Hector Nunez, head of Wal-Mart Brasil.

The focus of Wal-Mart would be on low-income consumers, who are targeted by its supermarket brands Maxxi and Todo Dia, Nunez said.

The retailer, which opened its first store in Brazil in 1995, has 318 outlets and employs 70,000 people in Latin America's largest economy.