Walmart has revealed plans to invest up to US$1.8bn (BR1.8bn) in expanding its operations in Brazil during 2009, by opening 80-90 new outlets across the country.
In a press statement, the US-based retailer said that it would be looking to build on the 36 new stores that are being launched in Brazil this year, at a total cost of US$740m (BR1.2bn), as it looks to overtake its leading competitors Carrefour and CBD.
'Brazil is highly strategic for Walmart,' said Hector Nunez, head of Walmart Brazil. 'We will continue to accelerate our growth here in Brazil.'
Mr Nunez told the local press that the group would be focusing heavily on low-income customers through its Maxxi and Todo Dia supermarket brands.
Walmart currently has 318 stores open in Brazil, employing approximately 70,000 people.
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