Walmart Plans 27B Pesos Investment For Mexico And Central America In 2023
Walmart Inc (NYSE: WMT) said its Mexico and Central America unit, Walmex plans to spend 27 billion pesos in 2023. The spending amounts to a 27% increase from last year.
Under 45% of the investment will be used for remodeling and maintenance of the existing stores.
About 29% will be used to build new stores and clubs to expand the reach and bring value propositions to new customers.
In 2023, new stores are expected to contribute between 1.2% - 1.4% of sales growth.
Also Read: Walmart CEO Likely To Stay In The Role For At least Three Years
About 12% of the investment will be used to expand and modernize the company’s supply chain to increase growth capacity.
About 14% of the spending will happen toward strategic omnichannel and technology projects.
Walmex has received approval from Mexican authorities to acquire a Mexican fintech company. The company expects to close the transaction within the next couple of weeks.
Price Action: WMT shares closed lower by 1.00% at $139.25 on Tuesday.
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