MEXICO CITY (Reuters) -Walmart’s Mexico unit said on Thursday it would invest more than $6 billion in the country this year, around triple its planned spending from the year before.
The funds will go toward opening new stores and to continue construction on two distribution centers, according to the firm.
Mexico City-listed shares climbed more than 2% on the announcement.
Speaking virtually from Mexican President Claudia Sheinbaum’s daily press conference, Walmex Chief Executive Officer Ignacio Caride said the investment would create 5,500 direct jobs.
Walmex, which operates Walmart and Sam’s Club stores in Mexico as well as low-cost supermarket chain Bodega Aurrera, is one of the nation’s largest private employers.
The group had earmarked just around $2 billion in spending for 2024.
Walmex executives will host an investor’s day later on Thursday in which they will give more detail on planned spending.
(Reporting by Brendan O’Boyle; Additional reporting by Kylie Madry; Editing by Stefanie Eschenbacher and Sarah Morland)
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