MEXICO CITY (Reuters) -Walmart’s unit in Mexico and Central America, known as Walmex, plans to spend around 27 billion pesos ($1.49 billion) in the region in 2023, it said on Tuesday, up 27% from last year.
Just under half of the investment will go to remodeling and maintenance on existing stores, while nearly 30% will be used for new stores and clubs, Walmex said in a filing following an event with investors and analysts.
The planned investments are up from the 21.3 billion pesos Walmex spent in 2022. However, last year’s capital expenditures came in under estimates as some projects were deferred due to supply chain disruptions, the company said last month.
Some 12% of investments in 2023 will go to “expand and modernize the company’s supply chain,” Walmex said.
Walmex also said it had received approval Monday from Mexican authorities to purchase a Mexican electronic payments provider.
($1 = 18.1026 Mexican pesos)
(Reporting by Kylie Madry; Editing by Daina Beth Solomon and Bill Berkrot)
