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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 T
Walmart's unit in Mexico and Central America, known as Walmex, plans to boost spending in the region 27% from last year to total around 27 billion pesos ($1.49 billion) in 2023, it said on Tuesday. Just under half of the investment will go to remodeling and maintenance on existing stores, while nearly 30% will be used for new stores and clubs, Walmex said in a filing following an event with investors and analysts. The planned investments are up from the 21.3 billion pesos Walmex spent in 2022.