Walmart to Spend Billions in Latin America

Walmart Stores Inc. (Bentonville, Ark.) has said it will spend more than $1 billion to open new stores and increase its e-commerce technology in Mexico and Central America.

The expansion would add a total of 3.7 million square feet of space, growing its Mexican presence by 5 percent and Central America by 7.6 percent.

Bloomberg News says Walmart “is looking to Latin America to help offset declines at home.” Same-store sales at Walmart stores in the U.S. fell 0.4 percent last quarter.

Walmart’s Mexican business, known as Walmex, will spend about $260 million on remodeling and maintenance, about $90 million to logistics and about $140 million to e-commerce and other technology.

David Cheesewright, who became head of Walmart’s international unit this month, said consumers around the world are stressed, with “significant slowdowns” in numerous markets, including the faster-growing developing countries.