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Walmart Brazil to Open 80 Stores

(Filed Under Financial and General Interest News). Doug McMillon, president and C.E.O of Walmart International, announced Tuesday that the company’s Brazilian division plans to open 80 new stores by the end of the year, which he expects to create over 7,000 jobs. Walmart plans to invest 1.2 billion Brazilian Reals in this venture.

"Brazil is an extremely strategic market for Walmart," said McMillon. "With the economic stability of the recent years, we see an excellent growth potential here and we will continue to invest in expansion."

According to the company, the investment will mostly go toward open new stores in all of the formats it currently operates in Brazil, including hypermarkets, supermarkets, wholesale, membership clubs and neighborhood stores. Some of the resources are slated for renovating older units and improvement Walmart Brazil’s logistics system and technology.

In addition to the expected 7,000 "direct" jobs, Walmart expects these new stores to create 20,000 more "indirect" jobs during 2011. In 2010, the company opened 45 stores in Brazil, creating 6,000 jobs. Over the past five years, the company said it has invested $6 billion Reals in its Brazilian development, with the construction of about 177 stores and 25,000 jobs.

more Financial and General Interest News >>

Published 05-03-2011 by Amanda Torres Price

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