US retail giant Walmart to invest in Brazil
Friday, July 17, 2009
Wal-Mart Stores Inc. (WMT) will invest 1.6 billion Brazilian reals ($800 million) in Brazil during 2009 in the expectation that the local economy will recover in the second half, said the company's chief executive at a press conference in Sao Paulo.
According to the local Estado newswire, Wal-Mart Brasil CEO Hector Nunez said the company plans to open around 90 shops this year, which will generate about 10,000 new jobs, concentrating on the Todo Dia and Maxxi chains that cater to lower income brackets. He said that Wal-Mart expects the Brazilian economy to grow in the region of 1.5% to 1.8% in the second quarter of this year.
Mr. Nunez commented: "The Company will have a good year and growth so far is quite positive. For the second quarter we have a good performance, if not as good as the first."
Wal-Mart competes with Brazil's Companhia Brasileira de Distribuicao (CBD) and France's Carrefour SA (12017.FR) on the local market. Despite the economic crisis, Wal-Mart registered revenues of 17 billion reais (7.4 billion U.S. dollars) in 2008, up 17.1 percent from 2007, according to xinhua news agency reports.
In related news, The North East Process Industry Cluster (NEPIC), a British organization has signed a memorandum of understanding with the Pernambuco region of Brazil, with the deal working on a number of synergies with the area, which may boost the number of people looking for property in Brazil.
Social BookmarkingAccording to the local Estado newswire, Wal-Mart Brasil CEO Hector Nunez said the company plans to open around 90 shops this year, which will generate about 10,000 new jobs, concentrating on the Todo Dia and Maxxi chains that cater to lower income brackets. He said that Wal-Mart expects the Brazilian economy to grow in the region of 1.5% to 1.8% in the second quarter of this year.
Mr. Nunez commented: "The Company will have a good year and growth so far is quite positive. For the second quarter we have a good performance, if not as good as the first."
Wal-Mart competes with Brazil's Companhia Brasileira de Distribuicao (CBD) and France's Carrefour SA (12017.FR) on the local market. Despite the economic crisis, Wal-Mart registered revenues of 17 billion reais (7.4 billion U.S. dollars) in 2008, up 17.1 percent from 2007, according to xinhua news agency reports.
In related news, The North East Process Industry Cluster (NEPIC), a British organization has signed a memorandum of understanding with the Pernambuco region of Brazil, with the deal working on a number of synergies with the area, which may boost the number of people looking for property in Brazil.
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