Walmart’s unit in Mexico and Central America, known as Walmex, has announced that it intends to increase spending in the region by 27% from last year to a total of approximately 27 billion pesos ($1.49 billion) in 2023.
Following a meeting with investors and analysts, Walmex disclosed in a filing that just under half of the investment will be allocated to the renovation and maintenance of existing stores, while nearly 30 percent will be used to open new stores and clubs.
The anticipated investments exceed the 21,3 billion pesos spent by Walmex in 2022. However, the company reported last month that its capital expenditures for the prior year fell short of projections because some projects were delayed due to supply chain disruptions.
About 12 percent of investments in 2023 will be allocated to “expand and modernize the company’s supply chain,” according to Walmex.
Additionally, Walmex announced on Monday that it had received sanction from Mexican authorities to acquire a Mexican electronic payments provider.
During the occasion, the company also announced it would launch a new health membership product, utilizing the nearly 1,500 pharmacies and 500 doctor’s offices in the region.