Wal-Mart de Mexico y Centroamerica has announced its intention to invest in 2011, $18.97 billion pesos ($1.6 billion) in six Latin American countries to increase the company’s presence in the region.
The majority of the investment funds will be going to Mexico where the company plans on opening 365 new stores that will create 20,000 new jobs and 40,000 indirect jobs.
In 2010 Wal-Mart opened 297 stores in Mexico and 30 in Central America. Sales for Wal-Mart de Mexico in 2010 were at $334.51 billion pesos and increased by 24.2 percent from 2009 serving 4.4 million customers per day.
Wal-Mart de Mexico’s CEO Scot Rank with President Felipe Calderon at his side made the announcement from the presidential residence, Los Pinos. This is the largest investment made at one time for Wal-Mart and is meant to signal “proof of [their] commitment to and confidence in Mexico.”