Retail giant Wal-Mart has announced a planned increased investment in the Brazilian market, to the tune of $649 million.
In a news conference held this week in Brasilia, Brazil, Vincente Trius, CEO of Wal-Mart’s Brazilian unit, said, “We are very committed to growth in Brazil. It is a strategic market for Wal-Mart. Brazil has increased in importance for us in the last few years.”
Wal-Mart’s competitors in Brazil include French retail chain Carrefour and Brazil’s Companhia Brasileira de Distribuicao. Wal-Mart has other lower-end banners in the country, including Todo Dia and Maxxi. The new Brazilian stores reportedly will be in various formats, including hypermarkets, supermarkets and wholesale outlets.
Wal-Mart operates in several countries in South and Central America, including Argentina, Brazil, Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.