Wal-Mart eyes $316 million in Brazil store reforms through 2019

Wal-Mart eyes $316 million in Brazil store reforms through 2019

Chamber Articles Category: Industry News Post Date: 08/30/17 Source: Reuters By: Aluisio Alves, Guillermo Parra-Bernal and Richard Chang
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Wal-Mart Stores Inc (WMT.N) plans to invest around 1 billion reais ($316 million) in Brazil through 2019 to refurbish about 120 stores, as larger rivals in Latin America’s biggest economy invest heavily to retain cash-strapped customers.

“We’ve already done about 10 percent of it this year,” Flavio Cotini, Wal-Mart’s chief executive in Brazil, told reporters at the Latam Retail Show in Sao Paulo on Tuesday. Wal-Mart is Brazil’s third-largest diversified retailer.

Goldman Sachs Group analysts expect Grupo Carrefour Brasil SA (CRFB3.SA), Brazil’s largest food retailer, to almost double stores over the next three years, spending fresh capital it raised in a July stock listing. Read Full Article