Wal-Mart's Mexico Division to Spend $1.1 Billion in Expansion
Wal-Mart Stores' Mexican and Central American arm plans to spend $15 billion pesos ($1.1 billion) in 2014 to open more stores and enhance the company's e-commerce technology.
Of the money invested, approximately $8.4 billion pesos will be used for new stores, adding 3.7 million square feet of space, according to a company announcement.
With the new investment, Walmex, Wal-Mart's Mexico and Central America division, will increase floor space by 5.0 percent in Mexico and by 7.6 percent in Central America.
Walmex will spend $3.5 billion pesos on remodeling and maintenance, $1.2 billion pesos on logistics and $1.9 billion pesos to e-commerce and other technology.
Wal-Mart, the world's largest retailer, has endured declines in sales in the U.S. Wal-Mart Stores open at least 12 months in the U.S. fell 0.4 percent last quarter.