SANTIAGO: Walmart Chile is planning to invest up to US$300 million in new stores in 2011, local newspaper El Mercurio reported.
Last year Walmart Chile brought in sales of US$4.8 billion and record profit earnings of US$89 million.
“In order to continue this upward trend, the company is planning on investing between US$250 and US$300 million in 2011 to open new stores,” El Mercurio said.
“Walmart’s strategy is based on targeting a market segment that currently has the lowest penetration by supermarkets – the lower middle class, with the opening of smaller neighbourhood style supermarkets.”
Source: El Mercurio
