Retail: Wal-Mart investing more in Brazil

The Brazilian unit of Wal-Mart Stores Inc. (WMT), the world's largest retailer, will invest 1.2 billion Brazilian Reais ($649 million) in its local operations in 2008, Wal-Mart Brasil Chief Executive Vicente Trius announced 27th November, according to the local Estado news agency.
The money will principally be used to construct 36 new stores and centers of distribution, for which the sites have yet to be settled on, said Trius at a press conference in Brasilia. Investments will also be made in renovating existing stores, he added.
The new stores will create 7,100 new direct jobs.
Brazil is the fourth most important market in terms of the group's strategic growth behind Mexico, Canada and the U.K., said Trius.
"Brazil has increased in importance for us in the last few years," he said.
He said the company expected Brazil to continue to grow at current levels in 2008 and inflation would remain under control. However, he added that it was vital the government push through key tax reforms to allow the expansion to continue.
For more information click here and read the article in CNN website