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Walmart, the largest retailer in the United States, is expanding its presence and operations in Mexico and Central America. The company’s unit in the region, known as Walmex, announced on Tuesday that it plans to invest around 27 billion pesos ($1.49 billion) in 2023, up 27% from the amount spent in 2022
The investment will mainly be used to remodel and maintain existing stores while opening new locations, along with improvements to the supply chain and technology
Walmex operates more than 3,400 stores across six countries: Mexico, Guatemala, Honduras, El Salvador, Nicaragua, and Costa Rica.
According to Walmex’s CEO Guilherme Loureiro, the company aims to offer a better shopping experience for customers by enhancing its omnichannel capabilities and offering more products and services.
One of the new services that Walmex is launching is a health membership product that leverages its network of almost 1,500 pharmacies and 500 doctor’s offices across stores in the region.
Walmex’s investment plan reflects Walmart’s global strategy to leverage technology and innovation to enhance its customer experience. Walmart has also invested in drone delivery services in the U.S., e-commerce platforms in India and China, and autonomous vehicles for grocery delivery.
By investing in Mexico and Central America, Walmart hopes to increase its sales and loyalty in a region that accounts for about 6% of its total revenue.
The region also offers growth opportunities as e-commerce penetration is still low compared to other markets.
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