LatinNews Daily - 08 March 2023

In brief: Walmex announces investment in Mexico

*Walmex, the Mexican branch of the US supermarket giant, Walmart, has announced that it plans to invest around M$27.1bn (US$1.49bn) in Mexico and Central America in 2023, representing an increase of 27% on 2022. In an announcement of its 2023 investment programme, Walmex stated that 45% of the investment will be allocated to remodelling and maintaining existing stores, while almost 30% will go towards new stores and clubs. Some 12% will also be allocated to expanding and modernising the company’s supply chain, and approximately 14% will be used for technology products which the company claims will “increase and improve our analytical capabilities” regarding customer services and “associates’ productivity”, among other things. Walmex also said it had received approval from Mexican financial authorities to purchase Mexican electronic payments provider Instituto Financiera de Pagos Electrónicos, which it said would allow the company to provide its customers with “an open loop [payment] solution”, granting greater flexibility when making payments.

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